As an employer, you take safety seriously and do everything you can to create a workplace that protects workers from common hazards. Still, accidents can occur on the job, and you need to make sure you have the appropriate level of workers’ compensation insurance coverage to address the costs associated with workplace injuries. How can you make sure you’ve acquired the right insurance coverage based on the unique demands of your industry and the tasks workers complete? Here, Muller Insurance explains how to get the best coverage for your business.
What Workers’ Compensation Insurance Covers
Workers’ compensation protects your company and its employees from injury and illness caused by factors in the workplace. With the exception of sole proprietorships with no employees, all New Jersey businesses must carry workers’ compensation insurance to address the following costs:
- Employee medical bills
- Rehabilitation and recovery
- Lost wages that result from employee injury or illness
- Certain legal expenses
Employers who ignore workers’ compensation regulations are subject to significant financial penalties and legal consequences, making it essential that you acquire coverage. At the same time, those who fail to seek the appropriate level of coverage leave themselves open to risk as well.
Know your Risk Level
As no two companies are the same, you’ll want to work with your insurance agent to make sure that your business is accurately assessed for its level of risk. If your company conducts business in a high-risk field, like construction or electrical work, you likely won’t be surprised at the results of this assessment. At the same time, those who primarily employ office workers, food servers, or workers in other seemingly low-risk positions may feel their potential risk seems too high.
If that’s the case, keep in mind that workplace injuries can happen in any field and any environment. The risk for injury increases when workers operate machinery, handle dangerous substances, or work in hard-to-navigate spaces, but office cubicles and break rooms can still present serious risks. From slips and falls to faulty furnishings, injuries that require workers’ compensation claims can occur anywhere.
Don’t Underestimate Your Need
When choosing a workers’ compensation policy, skimping on coverage to save on premiums is likely to cost you money in the end. This is in part because as healthcare costs continue to rise, the cost of each claim rises as well. Even simple injuries can result in expensive medical bills and rehabilitation costs, as well as extended periods during which employees cannot work. If your coverage is insufficient to address these costs, you will still be liable for the expenses.
Accordingly, you must have a thorough understanding of how your policy protects you and the limits of your current coverage. Should you discover that your policy doesn’t meet your workers’ compensation requirements, speak with your insurance agent immediately to adjust your coverage and protect yourself and your workers.
Protect Your Business
No matter what industry you work in or how many workers you employ, workers’ compensation insurance protects you and your employees when workplace injuries occur. To learn more about your workers’ compensation needs, contact Muller Insurance today. With more than 100 years of experience in personal and commercial insurance, we’re prepared to help you get the policies required to stay compliant and take care of employees in their time of need.