Columnist Jim Olsztynski gives advice to those contractors who are in a belt-tightening mode these days.
Most contractors are in a belt-tightening mode these days. You could ration paper clips and do a thousand other little things to save a few pennies here and there. Beyond that, here are some areas that offer potential to save bigger bucks.
2) You must, absolutely MUST, get your worker's comp experience modification ratio (EMR, sometimes referred to as IMR, for incident modification ratio) as far as possible below 1.0, which represents the industry average. Depending on the size of your firm, this could result in premium savings measured in five or even six figures a year. Ask your insurance carrier if it has a program to help improve safe working practices in your company. Consider self-insuring for minor cuts and bruises.