Owning a home improvement business is “all fun and games” until someone gets hurt. As a reputable business owner in the construction industry, you already know the importance of having workers’ compensation insurance for all of your employees. But still, the high premiums, absenteeism, and finding work coverage might be overly straining to your budget. Thankfully, HFS Financial is here to help with 4 easy ways to lower workers’ comp costs for home improvement businesses.
Easy Ways to Lower Workers’ Comp Costs: Stop Paying Too Much for Insurance
Businesses are required to carry workers’ compensation insurance in almost every state, even if they only have one employee. But that doesn’t mean you have to pick one provider and stick with them for the lifetime of your business. Look at the premiums from different insurance companies periodically to make sure you’re getting the best rates.
No matter which insurance provider you pick, make sure your employees are categorized appropriately in their system. If your office employees are labeled the same as your construction workers, you will be paying the same price for all of their workers’ comp insurances, even though your office workers have a much lower risk of sustaining an injury.
Safety First Helps to Lower Workers’ Comp Costs
Prevent injuries from happening in the first place by fostering a culture of safety within your company. If you don’t yet have a safety policy, put one on paper and make it part of your training process. Provide incentives such as giving a reward every year someone works for you with no safety incidents. Ensure your team’s equipment is up to date and functioning properly.
It’s a lot of work to make sure every employee is adhering to safety procedures. Take some of the load off your shoulders by designating a safety officer whose job is to make sure everyone is following the safety protocol.
Avoid Litigation for Workers’ Comp Cases
After turning in a workers’ comp claim, take care of your injured employee. Have empathy. Keep in contact. Ask about the quality of their medical care. Advocate for them to receive what they are owed from the insurance company. When an employee feels like they aren’t receiving appropriate medical care, the insurance company is being stingy, or their boss doesn’t care, they are more likely to want to sue someone.
Get Back to Work to Lower Workers’ Comp Costs
When keeping in contact with your injured employee, make them feel irreplaceable. Don’t pressure them to come back to work before doctor approval but emphasize how much the team misses them. The goal is to make them feel excited about returning to work.
If possible, find something for them to do that doesn’t require physical labor. This way, they can start earning money again, and you can have extra help in a different area of the business.
Attract Customers with Contractor Financing
The sting of paying for workers’ comp insurance will hurt less as your profits continue to grow. Take on your competition by partnering with HFS Financial to provide contractor financing. Your customers will be amazed at how quick and easy it is to apply and get their home improvement project 100% funded up front. Send us a message or call us at 1-800-254-9560 to learn more. When it comes to home improvement contractors, at HFS Financial, “You Dream It, We Finance It!”