As a small business owner trying to survive, it’s normal to want to cut costs wherever possible. You may want to avoid having to pay for any expenses that you can avoid in order to increase your profits. Unfortunately, even though you may not be legally required to have it in some states, you still need it.
Why? Because not having workers compensation can cost you a lot of money if one of your workers gets hurt on the job. Providing workers compensation won’t just prevent you from having to pay for costly injuries out of pocket, but it may also avoid you having to go through a lawsuit. Here are some helpful facts that you might not know about workers’ compensation.
It May Help Retain Employees
When you offer coverage and benefits, it’s an attractive perk. If your business involves heavy machinery or high potential for injuries, good workers’ compensation coverage may give prospective employees more peace of mind.
Offering them the security of knowing that they will be taken care of if they suffer an injury while working at your company they’re taken care of, is a good way to keep good employees.
The fear of getting hurt on the job and having to lose time from work as a result. If they suffer a serious injury which requires them to quit working altogether, works compensation ensures they’ll be cared for without losing everything they own.
It’s Not Complicated
Providing workers compensation coverage isn’t that difficult or expensive. You can provide coverage through a PEO, which is short of Professional Employer Organization. In addition, they’ll provide safety training, handle any claims, and even help you manage risks. With their help, you’ll be able to ensure that your employees are covered with the highest quality insurance for the most cost-effective price.
If one of your employees does wind up getting hurt on the job, PEO will assist the employee in getting back to work as soon as possible.
Lawsuits Are Costly
Don’t be one of those businesses that make the mistake of putting their business at risk for lawsuits and fines from the state.
You may think you’re saving money in the short term, however, in the bigger picture you’re setting yourself up for a greater loss.
Workers Compensation Isn’t Limited To One Time Accidents
Benefit payments aren’t only given to employees who have hurt themselves on the job due to a one-time incident. The coverage also provides care for injuries which have occurred over time. An example would be employees who have acquired carpal tunnel by performing repetitive motions, or who have inhaled dangerous fumes over time.
Your employees will also benefit from death benefits if tragedy occurs in your place of employment.
Your employees deserve to work in a safe environment which provides protection if anything goes wrong. It’s your responsibility as their employer to help facilitate safety.