As a business owner with employees, it is your desire to have them as productive and efficient as possible. Just to name a few things, you focus on costs of materials, services, operating expenses and payroll. You probably don’t realize that one of the controllable expenses is your insurance cost for workers compensation. There are a significant number of different types of programs to analyze. Your agent or broker will be able to best advise you on what is best for you. There are programs based on paid losses, loss reserves or on different sized deductibles just to name a few. These programs cover your obligations, when a work injury occurs, to pay for an employee’s medical expenses, any loss of income or costs to be retrained to a new career; as well as death benefits to the survivor’s family.
Legal expense and costs to investigate claims are also part of workers’ compensation insurance. Your insurance representative needs to be a strong advocate with experience to be an advocate for your needs in getting a proper and complete investigation and defense. Your business’ competitiveness requires your employees to work efficiently. To have an effect on profitability, your employees returning back to productive workforce is more than paying for medical bills and loss time pay. It is the preventative actions your business takes, the cooperation your business has in the claim, and the help you receive from the professionals, that will increase your employee productivity and therefore your profits. If you don’t have a close working relationship with your insurance representative, then it’s time to make a comparison with your insurance agent or broker. You could be wasting money, without the correct insurance program and professionals supporting your needs.