Workers’ compensation costs aren’t reflected simply by the cost of insurance premiums. The biggest factor of cost associated with workers’ compensation is the cost of actual workplace accidents. Between lost time, medical costs, attorney fees, and business disruption, even a relatively minor workplace accident can be costly and time-consuming. And to make a bad situation worse, once you’ve had workplace accidents and/or safety violations, your insurance premiums will most likely rise.
To stay off that slippery slope, here are five things you can do to reduce your workers’ compensation costs across the board.