Being overly cautious beats being unprepared every time. That’s why most states require businesses to carry workers’ comp insurance for their employees. If your sunroom contracting business has a bad year for injuries, the workers’ comp deductibles could really cut into your net profit. But take heart. HFS Financial is here with 7 ways you can lower workers’ comp costs for your sunroom building business.
Save Money on Workers’ Comp Insurance
1. Shop Around
Don’t continue using a certain insurance company just because you have always used them. Shop around for the lowest premiums every few years.
2. Use Correct Categories for Employees
If all of your employees are categorized the same way, you’ll be paying the same amount for workers’ comp for your office workers as you do your construction workers. Since your office workers are at a far lower risk of injury, make sure you’re not paying premium prices for their workers’ comp insurance.
Avoid Workers’ Comp Claims in the First Place
3. Create a Culture of Safety
When you make safety the number one priority for your company, your employees will know that you care about their well-being. Implement a safety policy and refresh your workers on the rules often. Encourage safety by rewarding those who have been accident free every year.
4. Replace Old Equipment
Don’t drag your feet when it’s time to replace old equipment. Updated technology equals improved safety features. This will also help you to cut overall business costs in the long run.
Take Care of Your Employees
5. Keep in Contact with Employees Out on Workers’ Comp
If the worst does happen, and you have an employee absent and recovering at home, keep in contact with them at least once a week. They will appreciate you checking in on them and realize how much they are missed at work. Take this time to ask if their medical treatments are going well and if there’s anything you can do to help them get better faster.
6. Offer a Different Job During Recovery
Think about other ways your employee could feel needed at your business. Maybe they can’t do labor at a jobsite, but they could help with paperwork at the office. They will appreciate not losing their full paycheck, and you can have extra help where you need it.
7. Avoid Lawsuits Over Workers’ Comp
Paying for workers’ comp is nothing compared to the money you would pay for a lawsuit. Keep employees satisfied by taking care of them when they are injured. If they aren’t receiving proper medical care, do something about it. If they aren’t getting the appropriate amount of money from the insurance payout, do something about it. If you have their back, they will return the favor.
Leave Sunroom Financing to the Experts at HFS
It might take a lot of time and consideration to lower workers’ comp costs, but thankfully providing contractor financing is exceedingly easy. All you need to do is partner with HFS Financial, and we’ll help your clients find the perfect sunroom loan to meet their needs. Our customer application only takes 60 seconds, and their project will be financed up front. Remember, at HFS Financial, “You Dream It, We Finance It!”