Top 3 Ways to Reduce Workers Comp Costs for New York & New Jersey Contractors

Caroline VegaCosts

NY & NJ contractor workers comp

Workers compensation in New York and New Jersey for construction companies is skyrocketing in great measure. For some businesses, the costs have become almost unmanageable. Thankfully, there are a couple of strategies that businesses can employ in order to alleviate this matter.

Three Tips to Reduce Workers Compensation in New York & NJ for construction companies

1) Consider Self-Insurance
When it comes to workers compensation in New York liabilities, employers can opt to self-insure their workers on their behalf. Self-insuring measures offer employers more control over their claims program. It is also more cost effective since more attention is paid to getting the right medical care and controlling claims costs. Additionally, most self-insured employers increase incentives for worker safety, which in turn, improves loss control results.

2) Shop Around
In order to secure the best possible rates for workers compensation insurance, business owners must thoroughly research insurance carriers that offer workers comp in New Jersey and New York. Although every insurance company works with the same base rates assigned by the Workers Comp Rating Board, carriers still have discretion as to the pricing they offer. Some companies give discounts for safety group association membership or reduce commissions to agents in order to win new business. Business owners may also benefit from researching group self-insurance, state assigned risk pools and/or large deductibles. Every year, business owners should secure workers comp quotes from reputable insurance broker agencies so that they understand their coverage and whether they are receiving the best rates possible for their business operations.

3) Analyze Your Workplace
Worker safety is one of the most vital aspects of controlling workers comp insurance costs. It is important that you identify the high-risk areas of your workplace so that you can figure out ways to prevent injuries and illnesses from taking place. Providing on-going safety training to employees and keeping them aware of company procedures for handling injuries and claims can go a long way in reducing New York workers comp insurance costs as well.