workers’ compensation insurance broker

Saving Money on Workers’ Compensation Insurance

Workers’ compensation is a fact of business life for the overwhelming majority of employers in the United States. In fact, for many companies, worker’s compensation insurance premiums make up a significant line item on many balance sheets. While a variety of factors influence how much a company must pay for coverage, smart business executives work with an experienced workers’ compensation insurance broker to save as much as they can.

Keeping Costs Low

To control costs, worker’s compensation insurance specialists typically recommend employers take the following three steps:

  • Start a Safety Program
  • Utilize a Return-to-Work Incentive
  • Join an Organization

While there are many strategies for saving money on workers’ compensation insurance premiums, these three suggestions are often critical in keeping costs low.

Safety Programs

To lower worker’s compensation costs, employers often implement safety programs. While these programs differ between companies, successful ones work to identify and mitigate workplace risks and safety hazards.

Return-to-Work Incentives

Generally, the quicker an injured employee can return to work, the cheaper the workers’ compensation insurance claim. Thus, employers that incentivize returning to work often have lower premiums than those that allow employees to stay off the job for a long time.


Finally, by working with a skilled workers’ compensation insurance broker, some employers save money by joining a professional employer organization.

Finding the Right Workers’ Comp Insurance Broker

There’s no question that you need a broker when you’re shopping for workers’ compensation insurance small business. With ever-changing regulations and carriers becoming increasingly exclusive in their coverages offered, navigating the marketplace on your own can be frustrating. A workers’ compensation insurance broker can help you avoid an endless series of headaches, but it’s important to one that will best cater to your clients’ unique needs.

It’s vital to select a brokerage firm with national reach. Although workers’ compensation laws differ from state to state, a broker that works nationwide will be able to help you provide for your clients in multiple states, or that do business in multiple states. A broker’s nationwide reach also transcends some of the limits placed by individual carriers on their policy offerings based on geography, industry, lines of business and numbers of employees.

Managing the workplace safety pictures goes beyond just simple coverage. Additionally, you should consider selecting a workers’ compensation insurance broker with additional support services. These can include assistance with safety programs, as well as providing advice on remaining OSHA-compliant and preventing fraud and abuse. Also, your broker should be able to connect your clients with return-to-work programs from partner carriers to help ensure injured employees receive the care they need and return to work safety.