Roofing is a very dangerous job and your worker's compensation premiums often reflect the expensive nature of treating an employee injured on the job. But there are steps you can take to limit your exposure and lower your premiums.
How to save money on roofing contractor premiums:
1. Safety Program
An ounce of prevention is worth a pound of cure. A good written, formal safety program can work to minimize the claims your company incurs. The workers compensation carrier will reward companies that are diligent in the safety of their employees in the form of discounts on premiums.
2. Deductible to keep EMOD low
Your EMOD is a rating factor your workers compensation carrier assigns your company. If you have fewer workers compensation claims than other companies in your industry, you can pay less in premiums. If you have 0.9 EMOD, you will get a 10% discount on your total premiums paid in a year. A claim can change your EMOD. Using a deductible to prevent a small claim from changing your EMOD could save your company a lot of money in the long run.
3. Individual Loss Control Dividend
Workers Compensation premiums always seem like you’re paying for nothing, especially if you don’t have any claims year after year. The loss control dividend can return up to 26% of your paid premiums when you don’t have any claims.
4. Cost Containment
This is an actively managed safety program that will save you up to 10% off your workers compensation premiums. It doesn’t rely on your claims history, only that your company does the correct things to protect its employees.
5. Making sure everyone is classified correctly
This is seemingly a simple task. But sometimes your company could be paying a roofers rate on an employee that never leaves the office. This is an easy thing to review and remedy.
As a business owner, you must have workers compensation insurance and roofers pay some of the highest rates in the industry. Reach out to a knowledgeable workers compensation expert by filling out the short form below and let us help you save any money you can.