Finance: Is your business prepared to handle a workers’ compensation claim?

Is your business prepared to handle a workers’ compensation claim?

Workers’ Compensation is an insurance benefit that assists in protecting your business’ most valuable asset, your employees.

It allows you to provide coverage to your employees in the form of wages, medical costs, permanent or partial disability and death benefits that may arise from a valid compensable injury while on the job. In most states, laws regulate Workers’ Compensation so it’s prudent to protect your business and mitigate potential litigation, too.

  • Find an insurance agent specializing in Workers’ Compensation to help craft a comprehensive program appropriate for your business.
  • Ask what the controllable and minimum experience modification factor is, a potential factor in determining premium cost.
  • Review what each carrier offers to enhance your business safety and training program.

By implementing a Workers’ Compensation program, you can help reduce unforeseen burdens on your business and employees.