Always begin at the start
Often when trying to save money, we focus on the little things, and neglect the big ones. In our personal lives we look to save a few dollars a week on coffee and yet, make no adjustments to our mortgage or utilities bills.
In business, we often fall into the same trap.
Your Workers’ Compensation premium is where we must start when looking to improve the financial cost of risk management, not the little things. This is such an important topic for businesses and the first to be explored at Collective Safety.
A question we often ask our customers is, how confident are you presenting to your executive team that you are paying the correct Workers' Compensation premium? A question which can be met with hesitation.
Workers' Compensation premiums can be complex, often completed incorrectly and, worst of all not reviewed regularly.
Premiums in Workers' Compensation can be the single largest business expense.
The financial risk for not completing it correctly can be severe and long lasting. Out of date workplace classifications and declaring wages remain two of the biggest reasons for paying too much for your premium.
Taking the time to diagnose and reduce your Workers’ Compensation premium can allow your business to reinvest the money into a business-critical functions such as better health and safety programs, safety technology or training and development, rather than excluding them and continuing to pay high premium costs.
We ask, when taking the time to review your health and safety and Workers' Compensation programs to begin at the start, and it all starts with your premium cost.
When you are ready to take the first step, contact us, we are here to help.