Strong safety record, high workers' comp premiums? Shop your policy around.

“There has never been an insurance marketplace as competitive for good risk as the one we are in now,” says insurance consultant Scott Simmonds, author of several books and blogs about business insurance. By “good risk,” he means taking safety seriously: following OSHA regulations, regularly training staff, properly maintaining tools, and making sure workers use protective gear.

Simmonds suggests getting competitive bids on workers' comp insurance every three years; ideally, start the bid process 120 days before your policy expires. “Put your insurance agent and your insurance company in a spot where they may lose your business,” he says. Insurance is highly competitive, and a great many companies are looking to insure good risks.

Some of Simmonds' clients' workers' comp rates have dropped by 40%. Stay current through his blogs or order his books at