In Napa, and the rest of California, workers comp insurance is simply a fact of business life. All employers are mandated to carry it for the protection of their workers, and agency inspectors are empowered to do random checks on businesses to ensure their workforce is properly covered. Failing to have workers comp insurance can result in crippling fines.
While it’s a mandatory cost, that doesn’t mean you should be overpaying. There are several ways a smart business can minimize the costs associated with both workers comp insurance, as well as loss due to workers getting into accidents.
Four Ways to Minimize Your Napa Workers Comp Costs
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Implement safety programs
Much like how successfully taking a defensive driving course will lower your auto premiums, implementing workforce safety programs will lower your workers comp rates. These can range from training to installing additional safety features in your facility.
We recommend contacting your workers comp insurance provider to discuss the possible benefits you could see from safety improvements.
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Have a return-to-work program.
If you have a worker who’s been injured on the job and is unable to fulfill their primary duties, that doesn’t necessarily mean that they’re totally sidelined. Return-to-work programs look to re-integrate a worker into your business earlier in the process, assigning them light work duties -such as office work- until they’re fully healed. This allows them to start contributing to the bottom line again more quickly, reducing your own losses.
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Always immediately update payroll and policies with new hires.
This is a step that’s easy to overlook in the new hire process. You should update your payroll and your policy immediately upon gaining new employees. This avoids underpayment which can endanger your coverage, or even risk fines from California regulatory agencies.
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Implement monthly self-reporting with your provider.
Most quality workers comp insurance agents can now work with you directly, taking electronic updates of your workforce and payroll on a monthly basis to ensure you are always fully covered and protected. This service is a win-win for everyone. You have more assurance in your policies, and they help further reduce the chances of problems with major claims.
If you’re managing a growing business in the Napa area, Narvaez Insurance Services has the personal touch and low rates you need. Narvaez Insurance Services will work with you to ensure you are getting the right coverage for your business and beyond. Contact us today for a free quote!