Workers’ compensation insurance is protection provided to employees should they become injured while performing their work-related duties. Not only does it cover medical expenses connected to the injury, but it can also help replace lost compensation if an employee is left unable to work for a period of time.
While workers’ compensation was created to specifically protect employees, employers who offer it also gain protection if and when they’re being sued by an injured employee. Virtually all businesses who have employees must provide workers’ compensation insurance. At SIP Risk, we can help you save money while ensuring that your business is compliant with workers’ compensation regulations.
Workers’ compensation differs from group health insurance and group disability insurance in that it covers work-related injuries, rather than general ailments and medical issues. Typical injuries may include slips and falls, back injuries from lifting or loading, and even those sustained in a traffic accident while conducting work-related activities. Covered injuries include those that occur on-premise and off-site as long as they are work-related.
There are several steps employers can take to reduce their workers’ compensation claims and therefore reduce related costs. Many companies start by ensuring they have a rigorous and thorough safety training program for new hires and annual refresher courses for current staff. There should be no doubt that safety is a priority at your company. Along with following safety standard best practices, there should be prominent safety signage and equipment should be inspected and maintained frequently. Trip hazards should also be minimized, and any spills promptly attended to.
Another step employers can take to reduce coverage-related costs is to create a company-wide wellness program. This could include memberships or discounts to local athletic clubs, seminars on healthy eating, lifestyle changes, and more.
Workers’ compensation premiums may also be lowered if there is an aggressive “return to work” program in place for injured workers. These programs tend to include rehabilitation services so employees can recover quickly and return to work as soon as possible post-injury.
At SIP Risk, we can assist you in lowering your workers’ compensation rate by helping you better understand the factors that go into its compilation. Once you understand the classification system used to help determine rates, we can work together to lower your coverage-related expenses.
We serve the business insurance needs of small, medium, and large companies throughout the New York, New Jersey, Delaware, and Pennsylvania area. If you are interested in learning more about group health insurance, group disability insurance plans, or on how we can help you minimize your workers’ compensation premiums, we invite you to contact us.