Workers’ compensation insurance is a key element in protecting your business from financial loss. Accidents can happen. In most cases, you do everything possible to create a safe work environment. Unexpected events can wreak havoc on your business’s financial future. Having a workers’ comp policy in place will work for your business if you know how to utilize its benefits. Your insurance provider can guide you through the process of maximizing your policy’s potential.
Understand the Factors That Determine Your Premium Rate
Before you buy a workers’ comp policy for your business, you need to understand how the premiums are determined. Factors like the type of business and how many employees you have are key elements. The insurance company will also examine your company’s history of work-related injuries and reported safety violations. Jobs are also rated according to risk potential. The higher the risk potential, the higher your premiums will be.
Classify Your Workers Correctly
An employer is only required to carry workers’ comp insurance for their employees. They do not have to provide coverage for independent contractors. Some employers choose to cover both even though it isn’t a necessity. It’s important to classify your workers in the right category. This affects your premiums as well as your coverage. If you don’t classify your workers correctly, you may not have the right amount of coverage to meet your employees’ needs in the event of an accident.
Perform A Complete Investigation of Your Workplace Post Accident
It’s essential that you monitor your workplace for potential hazards. Being mindful of possible hazards will help you to be proactive, reducing your risk of accidents and workers’ comp claims. If an accident or event occurs, you must perform a complete and thorough investigation. Completing the investigation within the first 24 hours ensures that the scene of the accident is still intact. This helps collect evidence, and witnesses recount the incident without forgetting crucial details.
File Claims Immediately
If a work-related accident occurs, you must ensure that the claim is filed immediately. Filing a claim as soon as an accident occurs ensures that any injury reported is due to the accident and not related to any other activity. It also ensures that the worker will receive prompt medical treatment. This is essential for the healing process and will allow them to get back to work faster. Waiting to file a claim can cause potential problems for the employee if they don’t have enough evidence to support their claim.
Create Hazard Awareness Among Employees
Being proactive regarding hazard awareness is much more than simply monitoring your work environment. It involves providing your employees with the training they need to handle various emergency situations. This gives them the means to render aid to a co-worker if it is necessary, as well as to preserve the scene of the accident. They will also be able to secure potential hazards so that accidents can be prevented.
Businesses in the hospitality industry face unique situations. To learn more about workers’ compensation insurance and how it can benefit your business, contact the agents at RMS Insurance Brokerage today.