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Workers' comp claims are among the highest line items in a company's budget, but you may be able to reduce your costs with experience modifications. (Photo: Shutterstock)

Workers’ compensation is one of the most variable spends that an employer works with, but many business owners are not taking advantage of opportunities to reduce their annual spend and may be overpaying relative to their peers.

Most expenses are directly correlated to the specific benefits the business receives. If you have a bigger payroll, you usually have more employees, and if you pay more rent, you can expect to have bigger or nicer space. A higher spend on Workers’ Compensation coverage, however, is likely to leave you with the same coverage as your competitors, who might be paying less.

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