How to Manage Workers’ Compensation for Nonprofits

Workers’ compensation may be something you’re legally required to carry, but it doesn’t have to break the bank. 

In some states, you are legally required to give workers’ compensation. While it does keep your employees and your nonprofit safe (which is a good thing), it may leave a sour taste in your mouth because these monthly payments can force you to tweak your budget. But, it doesn’t have to be like that. If you plan accordingly, you can lower the cost of workers’ compensation and save money! Here are a few tips on how you can reduce what you pay for workers’ compensation insurance.

Well-documented safety program

A safety program benefits you in two ways; it helps prevent workplace injuries, and it can assist you in defending your business’ operations when you have an insurance claim against you. Extensive training during the hiring process is the right step in protecting against injury.

A thorough website

Having a website is important not just for marketing; it also helps carriers know that you’re serious about your business. If you have a good website that reinforces your nonprofit’s practice, you may qualify for a discount and prevent your business from being dropped by your insurance company.

Simply ask for discounts

Every state has its own special discounts. If your initial conversation with your agent is rushed, they may assume that time is more valuable than the price you are going to pay. If you tell them that insurance pricing is high on your priority list, they will know to fight on your behalf for the most discounts for which you qualify.

Workers’ compensation may be something that’s required, but it doesn’t have to be something that forces you to reach into the deepest trenches of your pocket. Contact the experts at Colorado Nonprofit Insurance Agency, part of HUB International in Denver, Colorado at 303-894-0298. We will work with you to ensure you are getting the most out of your coverage.