Workers Compensation Insurance – 4 Important Steps Businesses Can Take


Workers’ insurance is a form of insurance which provides compensation to workers injured while on the job to cover their medical care, a portion of their lost wages and, if applicable, for permanent disability. In exchange for this, employers get immunity from possible civil lawsuits from employees over such workplace injuries. Workers’ insurance may include disability insurance, compensation for financial loss (past and future), health insurance (reimbursement or payment of medical and other such expenses of the injured employee) and life insurance (benefits payable to the dependent/s of an employee who lost his/her life in the course of employment).

Although workers’ insurance may seem like excellent news for employees, it may seem a bit daunting to employers. Insurance costs are tied to the company’s expenses. The higher the risk for injuries in the workplace, the higher the cost for a suitable workers’ insurance system. The higher the cost of a workers’ insurance system, the higher the premium
payments expected.

A way to effectively lower workers’ compensation insurance is by lowering your risk of claims. One way to accomplish this is by creating a company safety program. The risk for insurance claims is lessened, thereby curtailing as well the premiums you would expect to pay.

Employers could:

(1) Put together a team tasked to craft safety policies, disseminate these to the rest of the employees,and ensure that these are implemented. Also, this team should be trained on how to handle workplace accidents or injuries, should they occur.

2) Educate employees about the proper usage and maintenance of all equipment or tools in the workplace, especially those which are potentially hazardous.

(3) Provide the correct and necessary protective wear for employees exposed to potentially hazardous equipment or tools (i.e. protective eye wear, gloves, boots, helmet, etc.).

(4) Ensure that schedules for inspections and maintenance procedures are observed.

Providing a safe workplace environment for employees may not only curb insurance claim costs, but more importantly, it may create an atmosphere of amity and security within the workplace. When there is a boost in the morale of employees, business turns out great, and both employees and employers are well-satisfied.

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