Workers compensation insurance is a necessary expense for your business. Your premium rates are affected by a number of factors including the classified risk level of your industry. This is something that is not under your control, but there are other factors that you can take action on to control or reduce you workers compensation insurance rates in Orlando.
Make Safety a Top Priority
Your experience modifier (MOD) is a direct correlation to your rate. This is a number that is defined by your business’s loss and claim history. Reducing this number through strict safety guidelines and employee training can have a significant impact on lowering your rates. Contracting an outside evaluation for safety practices can be a very valuable resource for business owners as well.
Check Your NCCI Classification
Florida follows the National Council on Compensation Insurance (NCCI) classification standards. Your employees should be classified individually and properly. It is not uncommon to have improper designations that increase your workers compensation insurance rates in Orlando. If you have just one classification for your business, you may be paying more than you should.
As a business owner, you have the power to influence your expenses. Through making safety a top priority and checking your NCCI classification, you can control and even reduce your workers compensation insurance rates in Orlando.