5 Tips to Keep Comp Costs Down
Take steps to minimize workplace injuries, and your business may come out unscathed.
Rising health-care costs can mean high workers' comp bills, putting entrepreneurs' budgets in a sling. Rebecca Shafer, president of Amaxx Risk Solutions Inc., estimates that workers' comp costs per small-business employee rose more than 25 percent last year from 2006. This year, the slowing economy may encourage more workers to fake or exaggerate injuries rather than face layoffs, she adds.
Because small companies usually have high workers' comp deductibles in their insurance policies, a single serious injury can hurt the bottom line. But insurance industry experts say thoughtful planning can keep workers' comp costs under control. Your first line of defense should be to keep your workplace free of hazards. But if an employee suffers an injury on the job, Shafer offers these tips:
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