There are a lot of things that you should have in place in order to protect your business. One of these things include investing in worker’s comp insurance. Here are some of the reasons that worker’s comp is worth the investment for your business.
Business Protections
An employee that’s injured on the job may decide to come back and sue you if they don’t feel as though you took the appropriate measures in regards to their pay during that time. In some instances, lawsuits could end up costing you more than the initial investment of purchasing worker’s comp insurance. A truly injured employee could be out for months, years, or even permanently. You have to consider if it’s worth keeping them on your payroll for that length of time or paying out a lump sum of money if you don’t have worker’s comp insurance.
Compliance Issues
In some states, it’s a requirement that a business of a certain size carries worker’s comp insurance. This is for the protection of both the business and the employees that work for you. Depending on the industry, accidents may be more or less common. This can put you in a precarious position because there are safety standards that need to be followed. Investing in safety training may help to eliminate some of the threats in your workplace.
Legal Ramifications
Speak with a worker’s comp lawyer so that you can understand your legal responsibilities when it comes to having this type of business insurance. You want to offer your employees an avenue for receiving pay if they’re legitimately hurt while on the job. Another consideration is if there would be a pending lawsuit if you failed to provide worker’s comp insurance and you were required to by law. Documenting safety trainings is another way to invest in protections for your business.
Trust Your Employees
Worker’s comp is only a safeguard in case an accident were to occur. You have to take the time to train your employees to do their jobs correctly and safely. Having monthly safety meetings, developing a safety committee, and making it everyone’s job to be safe at work will set the right tone when it comes to protecting your business and your employees. Offering worker’s comp to your employees will motivate them to be more productive and be safe in the workplace because they know that you care about them.
There are lots of reasons that you should invest in worker’s comp insurance from an agency like Gilbert, Blaszcyk & Milburn LLP. Consider these reasons so that you can make the right decision for your business.