In our experience, there are several ways for employers to lower their workers compensation premiums that they may not be taking advantage of, so we want to share these with you. They are;
Structuring compensation packages:
- Bring your own device (BYOD) payments in lieu of compensation increases.
- Adding or restructuring medical/dental insurance plans when hiring or at annual review time.
- Are you section 125 compliant? Do you offer Flexible Spending Accounts, Dependent Care Assistance Plans or Health Savings Accounts?
- Travel stipends instead of pay increases, if applicable.
- Integrating a profit sharing plan with compensation increases.
- Employee Stock Purchase Plans and Restricted Stock Units (RSU’s).
- Inviting Key Employees into ownership or into a director role, so that an exemption for an officer is allowed.
- Making sure all officers of the company are excluded from coverage, if they are ok with that.
- Implement a drug free workplace and possibly save 5% of your premium.
- Implement a safety program and possibly save another 2% of your premium.
All of these suggestions, when put into effect properly will help you save $ on your workers compensation costs.