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3 Ways to Cut Workers' Comp Costs

Insider tips to minimize workers' compensation premiums for your company.

By Norman Goodman | Updated on March 01, 2016
You can control the cost of your organization’s workers’ compensation insurance by knowing a few insider tips used by workers’ comp cost-control specialists. These methods are proven to reduce the cost of this vital insurance to the absolute minimum.

Experience modification.  Most employers accept the experience modification as an absolute number, with few options to improve. That’s a mistake that can put the employer at a competitive disadvantage. Here is how you can lower the experience modification:

Begin by obtaining a copy of your Experience Rating Worksheet. This document contains the payrolls, claims, and other factors that make up the experience modification. You should have received a copy of the worksheet in the mail, but if you did not, it is available from your insurance agent, your insurer, or your state rating bureau, or by ordering a copy from the National Council on Compensation Insurance in Boca Raton, Florida.

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