As an employer, you have a responsibility to safeguard your employees and a legal obligation to step in when things go wrong. Across America, workplace accidents and injuries are rising across the board.
A workplace injury can have devastating costs for your business and your reputation, which is why any resilient business should have a workers comp policy in place. In fact, most states require some form of worker’s compensation insurance.
This will ensure that your employees are covered if their workplace injury results in medical bills or lost wages. As an employer, your job is to pick workers’ compensation insurance that works for you and for them. Here’s how.
1. Pick Workers Compensation Insurance That Suits Your Business
When picking a workers comp insurance provider, your first step is to consider your business model and the types of injuries employees could suffer on-site.
It’s not just factories and construction sites that require insurance. For example, if you run a coffee shop, you can find more info here on the level of coverage you need and the risks you should be covered against.
2. Insurance Should Cover the Degree of Risk
While all businesses require worker’s comp insurance, the level of coverage required will differ dramatically across various industries. It is important for you to assess the degree of risk posed to workers on-site so that you can choose options for insurance that are proportionate to this risk.
For example, when comparing insurance costs for heavy manufacturing sites, it is immediately clear that costs are higher here than for coffee shops. This is because the risk of injury is so much higher for the former than the latter.
By paying for the right level of coverage now, you face smaller liabilities and costs if things go wrong.
3. Seek Industry Expertise
You should not just pick any old worker’s insurance provider. You should conduct thorough research to find a provider that can prove relevant expertise in your industry. By doing this, you can find a policy that is actually suited to the needs of your workers.
In addition, an industry insurance expert can properly walk you through the insurance terms and conditions that apply to you and your employees, so that you are never caught off-guard.
4. Look for Safety Resources
Never settle for an insurance company that offers you a generic policy and nothing more. Worker’s compensation insurance is a huge and competitive industry, with a number of top-notch providers that will go above and beyond to keep your team covered and safe.
Check if your prospective insurance provider offers additional safety resources. These could include ISO safety standard-compliant equipment or tailored training on your state’s employee safety laws.
This will help you to keep your staff safe so that you hopefully never need to use your worker’s comp insurance.
Better Business Practice in 2022
When you pick workers’ compensation insurance for your growing company, you are one step closer to building a more resilient business. If you are looking for more expert insights in how to protect your employees and your business in 2022 and beyond, we have got you covered.
Make sure to consult our dedicated Business blogs, where you can find up-to-date, actionable tips on how to build a business that lasts.
