It’s the New Year: Best ways to lower your Workers’ Compensation - Hawaii News Now - KGMB and KHNL

It’s the New Year: Best ways to lower your Workers’ Compensation Premium

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HONOLULU (HawaiiNewsNow) -

Three steps you can implement to make significant difference in their workers' compensation (WC) premiums, business productivity and profitability. As a state, Hawaii’s small businesses employed over half or 258,345 of the state’s private workforce, and collectively they make up 96.3 percent of all employers in the state. Many of these businesses may pay for their required WC premiums without fully understanding how it works, or more importantly, how they CAN have a direct and positive impact on their premiums and overall workplace safety.

Workers’ Comp Insurance is a necessity – but most small business owners don’t realize that the premiums they pay are based on factors that they CAN control or influence. Most business owners don’t fully understand that their insurance premiums are based on their company’s “Experience Modification” or “ExMod” rating, which is based on their history of workplace accidents and injuries – this is one of the major premium rating factors.

The higher the frequency of accidents and injuries, the (higher or lower) the ExMod rate, and thus the higher WC rates. HEMIC works with their clients to help them proactively manage their WC program, which benefits both employees and their bottom line.

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