Are you “running bare”? You are if you own and operate an active business with at least 1 employee and carry no workers compensation insurance. Workers Compensation insurance offers coverage specifically designed for hazards that could affect the operation of your business.
You work hard to provide a safe, secure work environment for your employees to perform to the best of their ability. However, even in ideal circumstances, accidents and illnesses can occur.
A slip and fall at a restaurant resulting in a broken bone, an equipment malfunction at a construction site causing an eye injury, carpel-tunnel syndrome in the office, many things can occur that could result in an injury to an employee.
The direct costs associated with workers compensation claims – such as medical and indemnity expenses – are covered under a workers compensation insurance policy. What about indirect, or “hidden” costs to the employer and employee? These costs must also be considered.
6 Hidden Costs of Workers Compensation Claims
- Time lost from work by injured employee
- Time lost by supervisors to investigate accidents
- Economic loss to an injured employees family
- Time lost be fellow employees
- Cost of hiring and training a replacement
- Loss of production and revenue
A good workers compensation insurance program can help reduce or eliminate both the hidden costs as well as take care of the direct injury and/or employer liability and related expenses.
DID YOU KNOW? An employer in the state of Texas that carries a Workers Compensation policy is exempt from direct liability – which means they cannot be held liable for negligence and associated damage awards from workers injuries.
What Can You Do to Help Reduce Claims?
You can take steps to reduce the hidden costs insurance doesn’t cover by implementing an accident prevention and loss control program. An effective safety program can also help lower direct costs, including insurance premiums, compensation and deductibles.
Sound like a daunting task? It certainly can be, especially if you go it alone. The good news is that you don’t have to!
Let me and my team help set up the right coverage for you and your employees. We will also provide those critical loss control and premium reduction services as well – at no added cost.
The Farmers Workers Compensation Policy is one of the best in the industry…it contains many features, services and benefits that are unique and designed with one simple objective – get your injured employee compensated for their injuries and back to work as soon as possible.
Want to learn more? Simply complete the below form and we will send you our detailed workers compensation feature and benefit summary so you can see first hand how we can help you protect and grow your business.