Workers compensation insurance is not a topic most business owners or managers enjoy, but workers comp benefits more than just the workers, it benefits the employers as well. Every state, and the District of Columbia, has laws in place to protect workers who may be injured or get sick on the job. And while the rules vary from state to state, carrying a sufficient workers compensation policy is always required by law.
Of all the forms of business insurance you need, workers comp is perhaps the most important. If you have one or more employees, you are required by law to carry workers compensation coverage. Contact us today for a free consultation. With access to both public and private workers compensation carriers, we know we can save you money.
Here are a few things employers should know about workers compensation:
It protects you as much as it protects your employees
Employees are entitled to safe, clean working conditions. However, accidents happen. A workers comp policy is a compromise between worker and employer. The policy provides protection to the employee should they be injured or fall ill on the job and it protects you, the employer, against costly lawsuits, no matter who is at fault.
Workers comp benefits are indisputable
You might run a tight ship. Safety first, that your motto, right? So why then is workers compensation insurance mandatory? Injuries and sickness can lurk around any corner, and most likely, the cause is not your fault. But more likely than not, it’s not the employee’s fault either. Our workplaces contain any number of hidden hazards from cancer-causing chemicals in the walls to preventable perils, such as carpal tunnel syndrome. It’s important to ensure that you’re properly insured against any possible outcome.
Workers comp doesn’t have to be expensive
If you keep an eagle eye on the bottom line, you’ll be happy to know that your workers comp policy doesn’t have to be costly. There are many things an employer can do to reduce risk, and therefore premiums. For starters, implementing safety training is a must. Even if the bulk of your employees are office based, having a comprehensive safety plan in place will help. Also, you should never classify all employees in bulk. The workers comp rate you pay on a receptionist will be much less than someone working in your warehouse. Full-time employees are also more expensive to insure than part-time workers.
You can dispute workers comp claims
If you believe an employee’s workers comp claim is unjust, you can dispute it. Except in a few specific situations, including business travel or attending business events, your business is not responsible for injuries or illness occurring outside the workplace. If you feel a workers comp claim is fraudulent, you should report it immediately. Bad claims cost insurance companies, and in return employers, $30 billion a year.
For more information on how we can save you money on your workers comp policy or to discover more workers comp benefits, speak to one of our associates today.