How to make workers’ comp costs less costly

by Dave Wolfenden, CPA, CVA, MS, Managing Director

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Employers usually have no choice: You’re required to pay workers’ compensation insurance for W-2 employees. But no one says you can’t look for ways to reduce the cost of coverage. The key is to lower your company’s risk. To that end:

  1. Commit to safety. Communicate and enforce safe work rules and establish a task force of employees and managers to identify emerging hazards.
  2. Classify employees correctly. Maintain up-to-date payroll records and make sure employees’ job risk classifications are accurate and match those used by your state.
  3. Maintain safe working conditions. Regularly service equipment and vehicles and inspect facilities (including signage, ventilation, lighting, emergency exits and supply storage).
  4. Invest in ergonomics. Properly fitted equipment and tools can help reduce the risks of injury from physical stress and fatigue.

Workers’ compensation rules vary by state. Other terms and conditions may apply.

We welcome the opportunity to put our construction industry expertise to work for you. To learn more about how our firm can help advance your success, please contact Dave Wolfenden at (302) 254-8240.

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