IAR Recyclers Newspress January / February 2016

20 / 28

Three Tips for Saving Money on
Your Workers’ Compensation Insurance
Page 20 Recyclers News Press
Actual Systems
Aurora, CO
Al-Jon Manufacturing
Ottumwa, IA
Alter Metal Recycling
Des Moines, IA
Auto Data Direct, Inc.
Tallahassee, FL
Back Lot Auctions, LLC
Maquoketa, IA
Bank Iowa Insurance LLC
Waterloo, IA
Behr Iron & Metal
Mason City, IA
Brad's Used Parts MegaCenter
Viola, IL
Ft Wright, KY
Casualty Adjuster's Guide
of Iowa/Nebraska
Waseca, MN
CheckMate
Ft Wright, KY
Guest column by Associate Member of Professional Solutions, Mark DuBay,
Senior Sales Executive.
Who doesn’t want to save money? With prices for scrap metal plummeting,
times are tough for everyone in the industry.
Managing your workers’ compensation losses is often the most important way
to manage your premium as well as impact your company’s bottom line. Here
are three ideas to help you do just that.
1. Accurate Classification
Are your employees properly
classified for the job they’re
doing? Or do you have them
in a classification that’s not
only inaccurate but more cost-
ly?
This happens frequently at
businesses in all industries.
As your business grows or
changes, it’s essential to keep your employee classifications up-to-date. An
inaccurate classification cost one business an additional $10,000 in workers’
comp insurance premiums. That’s a costly mistake.
2. Safety Inspections
A third-party walk through at your business can reveal hazards you may not
have considered. Hazards, unfortunately, can lead to accidents which result in
a workers’ comp claim. Claim frequency and severity can result in increased
premiums for your workers’ comp policy.
Taking the time to review situations that could create potential losses makes
sense when you’re trying to manage expenses. For example, when draining
car fluids, what safety measures are in place for employees? And are those
procedures followed?
At Professional Solutions Insurance Services, our loss control specialist will
conduct a safety walk-
through at no charge for our
clients.
3. Safety Programs
Accidents happen; there’s no
doubt about that. But devel-
oping and implementing a
safety program can help re-
duce the likelihood of acci-
dents and provide a process