On the surface, you may see workers’ compensation as a way to give employees care when they experience work-related injuries. You may also see workers’ comp as a way to follow the multitude of laws that regulate your operations.
However, workers’ comp is much more than simply something you have to have for your business. In fact, workers’ compensation insurance protects your business.
The Cost of Injuries Can Cripple Your Business
The 2017 Liberty Mutual Workplace Safety Index identifies ten workplace injuries and their costs. Included in the list are:
- Overexertion involving outside sources
- Falls on the same level
- Falls to a lower level
- Strikes by object or equipment
- Other exertions or bodily reactions
- Roadway incidents involving a motorized land vehicle
- Slip or trips without falls
- Caught in/compressed by equipment or objects
- Struck against object or equipment
- Repetitive motions involving micro-tasks
The total costs of these disabling workplace injuries approach $60 billion annually. Overexertion involving outside sources accounts for 83.4% of the costs.
Overexertion includes lifting, pulling, and pushing. This can happen at any job at any time. It’s possible that your employees may suffer from this overexertion in the future. Odds are your business would pay heavily if you don’t have workers’ comp insurance.
With Workers’ Compensation Insurance You Can Avoid Bankruptcy
Operating a business is your passion. You watched it grow to become something bigger than you’ve ever envisioned. Beyond the time and energy, you invested money into your business on a regular basis.
There's always a chance you could face a lawsuit from an injured employee. You could face a lawsuit that forces your business into bankruptcy. Instead of risking the undoing of your business, buy workers’ compensation insurance. It can often help you fight these lawsuits.
Workers’ Compensation Insurance Protects Your Productivity
Your profitability is directly affected by how productive you are throughout the year. Additionally, with all hands on deck, you can increase your level of productivity.
Without workers’ comp insurance, your employees may take longer to recover from injuries. This may affect your productivity levels, ultimately. Workers' comp helps employees have access to care to recover from a work-related injury.
Workers compensation isn’t the burden many employers think it is, these days. In fact, workers’ comp insurance is one of the best ways to ensure your business remains solvent. It also helps you avoid employee lawsuits.
Buschbach can get you a fast, free business insurance quote. We are here to help you find workers’ compensation coverage. Call us at (708) 423-2350 for more information.