Are your competitors spending less on their employee medical claims?

Risk Management Process

Whether you run an ice cream parlor or a furniture plant, your business poses risks to your workers. One of your servers could slip, fall and break a leg on a wet floor caused by a leaking ice cream cooler. A plant worker could cut themselves on a wood saw. These injuries might require surgery, rehabilitation and months of recovery.

If an employee gets hurt at work, their employer might have an obligation to assist their rehabilitation. They often do so through a workers compensation insurance program. While providing workers compensation coverage is a critical part of operations, it's not the only step your business should undertake. Businesses often must create risk management profiles to reduce the chances of injuries on the job.

Understanding Workers Compensation Coverage

If someone sustains an injury while working, they might be unable to work for an extended period of time. This means that the affected person might be unable to support themselves. Lawmakers recognize the impact than an employment-related injury might have on someone's finances. That's why most states have introduced workers compensation laws.

Under workers compensation coverage, employers can pay employees while they recover from a job-related injury. This financial support might help affected employees cover medical bills, rehabilitation costs and everyday expenses. Businesses generally must provide workers compensation regardless of whether they were negligent in causing the injury.

Developing A Risk Management Program

As a business owner, you might be required to have a workers compensation program in place. However, having the program doesn't exempt you from risk management practices. By knowing what risks are present in your business, you can take better steps to avoid them.

  • Understand unique risks for your industry, as well as common workplace hazards. These might range from exposed wiring to operational risks from machinery.
  • Train employees to understand the specific risks associated with their particular duties. Provide your workforce information on occupational hazards throughout the business. Require safety gear.
  • Implement a workplace safety policy that requires employees to abide by safety practices. Isolate risks in your business. This includes fixing damage throughout workspaces and making certain areas off limits.
  • Encourage employees to immediately report dangerous situations to a superior. Set instructions for reporting injury incidents, documenting occurrences and ceasing operations.
  • Enroll in a workers compensation insurance plan that directly targets your business and industry. Your state will likely have laws requiring worker compensation coverage. So, make sure your policy best fits your business' particular needs.

Check local workplace safety laws to make sure you're complying with all workers compensation practices. And if you have questions regarding workers compensation insurance, be sure to contact Stalwart Insurance today.

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