Occupational injuries are still a huge concern in our workplaces. Legally, any business with one or more employees should have work comp insurance coverage in place. The policy covers employees who are injured while performing work-related duties.
Some small white-collar businesses overlook the importance of this insurance because of the mistaken belief that such work environments do not report fatal injuries.
If found without workers comp insurance, the court can fine you an amount equivalent to what the employee could have received. In addition, an injured worker or their family can file a personal injury lawsuit against you or your business. For instance, if you are having phased renovations of the workplace, an injured and uninsured construction worker can demand compensation with the help of construction accident attorneys.
Getting a policy after this might come with high insurance premiums. To avoid such problems, ensure that you purchase a good work comp policy for your business when it’s still new. Here’s why:
Give Your Workers Peace of Mind
When your employees know that any accident which occurs while working is covered, they are likely to be comfortable with and committed to your business.
On the other hand, workers without work comp insurance will feel like the company does not care enough about their well-being. They too might choose not to care for your business.
There’s also enough scientific research to show that employees who feel satisfied with their jobs are more productive.
The Insurance Company Handles the Claims Process
When you report a work-related injury claim to the insurance company, they will handle the rest of the workload involved in compensating an employee. However, this does not trivialize your involvement in a worker’s injury. It ensures that you do not spend all your time negotiating, investigating, and following up on the disbursements.
Having a good work comp policy ensures that you have time to look after the business and other workers.
The insurance company might require your contribution from time to time but it is not enough to disrupt business operations.
Promote a Safety Culture in the Workplace
Among the things that an insurance company will consider when calculating the cost of your work comp policy is your workers’ risk exposure. In other words, how easy are your employees likely to get hurt when working? The risk often depends on what type of business you are running.
Answering this question will require a report of potential workplace injuries and how likely they are to happen. With this information, you can train employees on areas to take extra caution, as well as how to prevent injuries at work.
Employees will also learn how to document and report workplace injuries on time. This is important for their health and the safety of other employees. Similarly, the protocols outlined for investigating occupational injuries might reveal other risk areas that need proactive measures.
Understand Your State Laws Surrounding Workplace Injuries
Most new business owners know how workers compensation coverage functions, but that’s it. They do not understand what their state laws demand from employers in the event of a work injury.
Obtaining a good work comp policy for your business helps you understand all the legal complexities and how to protect your business.
How to Report a Work Comp Claim
When an employee notifies you of a work-related injury, you are required to provide a claims form whether you think it is serious or not. Submit this form to your work comp insurance company as soon as you receive it from the worker.
The insurance provider might require your further cooperation on issues like documentation and investigation. Ensure that you cooperate with the insurer, failure of which they may cancel your policy altogether.
