I hope all staffing owners had a restful Memorial Day holiday. The Holiday gave me some time to reflect on the importance of a workers’ compensation loss history report to a staffing company.
In the news these days we see many commercials about the importance of our individual credit reports. We are told, rightly so, how a good credit score will help us secure lower cost mortgages, lower cost life insurances policies, and better terms on car loans. Things that make a difference to most folks in their personal lives.
In the staffing world, a company’s workers compensation loss history/ report is equally important. It is a part of your business that needs to be protected and developed as much as possible. A poor loss report will result in higher rates and, consequently, lower profit margins. In fact, a really poor work comp history can result in rates so high that you cannot afford to stay in business. Every day I quote staffing companies with a broad variety of loss histories, and see how much their rates (with the same codes and the same states) can vary from quote to quote.
In my weekly blogs, I write about best practices, so all staffing owners can develop a positive workers compensation history, enjoy lower work comp rates, and have access to the best workers/ lowest cost compensation programs. The programs range from PEO (professional employer organization) programs to EOR (Employer if Record) programs to direct policy programs. From programs with no deductibles to programs with high deductibles. My clients use different programs to get the best rates. But all these programs are based on my clients having (or building) a good work comp history.
Please feel free to contact me at David@StaffingCompSolutions.com, call at (202) 302-1212, or visit our site at www.StaffingCompSolutions.com to learn more about best workers’ compensation practices for staffing companies.
Sincerely
David Schek
President
StaffingCompSolutions.com