First the good news, your clients workers compensation rates are going up. Now the bad news, workers compensation rates are increasing faster for staffing companies, and most insurance companies are less eager to underwrite staffing policies than they were in 2013.
Many of the staffing owners I speak with each week, tell me that they feel they are in a workers compensation vice that is driving them “insane.” For example, even if they can get a direct /private policy, rates are still high, deposits are large and increasing, and they awake each day feeling they are one accident away from getting terminated by their carrier.
Here is a good article with helpful suggestions to deal with the “workers compensation insanity” you may be feeling.
The article suggests that you use best practices for managing your workers compensation in order to decrease your “insane feelings.” You should consider:
a) doing thorough due diligence when hiring employees.
b) conducting comprehensive training programs,
c) making sure that injured workers return to work as soon as possible, and
d) maintaining great communication with the injured workers at all times.
In this challenging environment you need to consider all the various work comp options to keep their rates low. For example, many owners in the last 24 months have found Professional Employer Organizations to be great partners that will reduce the stress and insanity of workers compensation.
Please feel free to contact me for a workers compensation quote at davidstaffing@gmail.com and visit our web site at www.StaffingCompSolutions.com
All the best
David Schek
President
StaffingCompSolutions.com
American Staffing Association Member
California Staffing Association Member
Exclusive PEO Broker for the United States Staffing Association