Three primary and effective strategies are available to help small business owners reduce the cost of workers compensation insurance:
- Qualify for an exemption from coverage
- Qualify employees for a better rating category
- Arrange employee benefits to be specifically excluded from taxable wages. (This strategy reduces both wage taxes and workers compensation insurance costs).
The details vary in different states and industries. On the flip side, it is equally important to recognize and avoid potential problem areas. I am pleased to help small business owners review local rules and explore any of these options and strategies.