Accidents happen, which is why workers’ compensation is a mandatory expense. Still, high rates can destroy your cashflow.
In my last post, I talked about how loss prevention strategies help prevent accidents in the first place, which can lower your rates. Today, I’d like to explain how an effective Cost Containment strategy can cut your costs, even if a claim is filed.
Cashflow is key for any business. That’s an easy concept. What’s more difficult to understand is how to effectively manage all the things that pose a risk to that precious cashflow.
As a business owner, one of your biggest risks is workers’ compensation. According to the Liberty Mutual Workplace Safety Index, workers’ compensation cost business owners nearly $60 billion in 2012. That’s a lot of money!
The good news is that you don’t have to accept rising costs – and a strained cashflow - as a fact of business life.
We’re happy to announce that this week, Group Management Services (GMS), received the Weatherhead 100 award in recognition as one of Northeast Ohio’s fastest growing companies. From 2008 through 2012, GMS experienced a 55.5% growth in sales, making us the largest Ohio-based professional employer organization. The Weatherhead 100 award is given to companies whose net sales grew from at least $100,000 to over $1 million in the last five years and employed a minimum of 16 people full-time in 2012.
HR functions can take a lot of time. For small business owners, that time could be better used in better ways—like growing your business and making more sales.
GMS is committed to saving you time and money on your HR functions, including Payroll, Benefits, Risk Management, and more. In support of this commitment, we’re happy to announce that we have just launched a brand new educational resources section on our website.