4 Easy Ways to Lower Workers’ Comp Costs for Gutter and Siding Businesses

workers' comp costs

You can’t own a business without paying for workers’ comp insurance, just like you can’t jump out of a plane without a parachute. At HFS Financial, we want to help you lower workers’ comp costs so your gutter and siding business can grow. Occupational hazards are naturally a part of the home improvement industry, but with some thoughtfulness, you can keep accidents from becoming your ruin. 

Lower Workers’ Comp Costs by Paying Less for Insurance

1. Look Around for Greener Pasture

If you have been with the same insurance company for a couple years, take time to look for lower premiums elsewhere. There’s no reason to stay loyal to one company if the same coverage can be found for less money elsewhere.

2. Check with Your State for Workers’ Comp Cost Discounts

Most states require workers’ comp insurance for any business with one employee or more. The insurance rates offered will cost more per employee for a contracting business than for a tech company (the more labor-intensive the job, the higher the risk of injury). 

However, your state might offer workers’ comp discounts for contracting businesses that implement safety programs or drug-free programs. You’ll never know if your business qualifies for discounts unless you check for yourself.

Lower Workers’ Comp Costs by Keeping Employees Healthy

3. It All Starts at the Hiring Process

You’ll want to hire employees who care about safety just as much as you. You can include certain questions during the interview to determine how much they value safety. For example, ask, “How are you going to make sure you and your coworkers stay safe of the jobsite?” If their answer is “I’ll just try to be safe,” they might not be the right fit to help you foster a culture of safety at your company.

Visit this blog for more information about smart hiring for your gutter and siding business.

Once you have hired someone, prioritize safety as a part of your training process. You should have a safety program written down, and employees should be refreshed yearly on your rules and regulations. 

4. Lower Workers’ Comp Costs by Incentivizing Health and Safety

A great way to incentivize safety is to offer rewards for every year your employees work for you without an incident. 

As far as health goes, try incentivizing yearly physicals for your workers. You could offer a day of PTO if they attend a doctor checkup every year. It might seem overly cautious, but imagine this scenario: what if an employee didn’t know they had diabetes, and their low blood sugar caused them to lose focus and fall off a ladder? A yearly checkup with blood work can catch health concerns before they cause a major accident on one of your jobs. 

Are you interested in more ways you can cut costs for your business without sacrificing quality and customer service?

Make Smart Decisions, Like Partnering with HFS Financial

The fact that you are reading this blog is a testament to your goal of becoming an educated business owner. Partnering with HFS Financial to provide contractor financing for your gutter and siding business could be the wisest decision you make this year. 

Your customers will be shocked at how fast and easy it is to find the perfect financing options for their needs. It all starts with our 60-second application and ends with their project being funded upfront. At HFS Financial, “You Dream It, We Finance It!”


4 Easy Ways to Lower Workers’ Comp Costs for Gutter and Siding Businesses

HFS Financial solely operates in the home improvement lending space which means we can confidently say that we are THE HOME IMPROVEMENT LOAN EXPERTS. When you apply at HFS Financial you will get a customized loan experience tailored to ensuring you get the best personal loan to meet your home improvement loan needs.