According to an article from The New York Times,the owner of an asbestos removal company was jailed for saying he had only one full-time employee when he actually had dozens. He was trying to avoid paying the higher premiums on his workers' compensation. He was sentenced to two years in prison and will be deported to South Korea for his fib.
While you may never consider doing something as underhanded (and illegal) as that, you might find yourself struggling to cover workers’ compensation costs. Here are some tips from Open Small Business blogger Julie Rains.
• Get good advice on what your risks are. Don’t listen to Uncle Joe on this one. Have an insurance agent come out and do a free assessment. He or she can point out hazards, which can often be remedied with some simple safety measures. You can also see if your company qualifies for a free consult from a risk management professional.
• Enact a drug-free policy if you have not already. Screen new hires and consider random drug testing.
• Have a safety training program. Have new-hire training, enact safety committees, perform your own evaluations and inspections, and hold the appropriate employee accountable for any overlooked safety measures. Document all safety training and meetings.
For more tips, click on the source article below.
Source:
Open Small Business: Money-Saving Strategies for Workers’ Compensation
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