Workers comp management tips for staffing agencies that are just starting out.
Workers compensation insurance for staffing agencies is difficult and confusing to begin with. However, if you are trying to secure this type of coverage for a start-up staffing agency, then things can get even more confusing. Because they do not have a prior claims history, start-up staffing agencies are often difficult to insure and only have limited coverage options. Unfortunately, this means that your agency might be subject to high workers comp costs no matter where it turns. Luckily, there are steps that you can take to control these costs as your agency establishes itself. Here are some of the tips you should try to better manage your workers compensation insurance.
- Prioritizing Worker Safety
One of the most important ways to lower your workers compensation costs is by valuing the safety of your workers. For your staffing agency, this means placing employees in safe workplaces. To accomplish this, it’s important that your agency has a clear understanding of a company’s risks, safety protocols, and training procedures. Making sure to place your workers in a safe environment is particularly important if you are working with a business in a high-risk industry such as manufacturing, construction, or warehouses. The more dangerous the industry, the more expensive your insurance costs will be in the event of an employee injury. So, make sure you are extra cautious about vetting and verifying the safety of these types of businesses before placing workers with them.
- Effectively Handle Claims
While your start-up agency might not have much of a claims history now, it will establish one as business operations get underway. If your agency starts to rack up workers comp claims, then it will grow increasingly difficult to secure lower rates on your workers compensation insurance. Unfortunately, it’s impossible to completely avoid claims. However, by handling these claims efficiently and taking steps to ensure that that you prevent the same thing from happening in the future, you can reduce the number of claims that your agency has to deal with. Being proactive in this sense will ultimately result in workers compensation savings down the line.
Of course, working with an agency that has extensive knowledge and experience handling workers compensation insurance for staffing agencies will also help you manage this essential type of coverage. For help securing a workers comp policy for your start-up agency, contact the team at PMC Insurance Group. We are ready to get you the coverage that you need today.