For businesses that have employees, workers’ compensation insurance may be one of the most important policies you purchase on behalf of your business. Not only is it legally required for you to offer this type of insurance coverage for your employees (with a few, very rare, exceptions), but it’s also a good idea to protect your business with this coverage. Otterstedt Insurance Agency can help you rest comfortable knowing you have the right type of workers comp insurance for your employees.
Benefits of Offering Workers’ Comp Insurance for Employer
Workers’ compensation coverage offers many benefits to business owners aside from complying with the laws of most states, including New Jersey. These benefits include:
- Improved employee morale
- Fewer missed days from work
- Increases company focus on safety resulting in fewer injuries
- Reduces lawsuits related to injuries on the job
- No fault insurance meaning coverage is guaranteed for work-related injuries
- Increased employee loyalty
These benefits are significant as the litigation aspect alone could cost companies far more than workers’ compensation premiums ever will.
Benefits to Employees
Savvy business owners understand that employees are the most valuable assets your business has. It is in your best interest to protect them by creating a safe environment in which to work. Workmans compensation insurance coverage offers protection for when the company’s safeguards fail. It covers medical expenses for initial and follow-up treatments as well as physical and occupational rehab therapies, medications, etc.
The real benefit for most employees though, comes in the form of replacing a portion of the employee’s wages while recovering from the injury or illness. This allows the employee to focus on recovery rather than pushing their bodies to return to work before they’ve properly healed.
In the event of a death related to on-the-job injuries, workers’ compensation offers benefits for the employee’s dependents.
Controlling Workers’ Comp Costs
Keeping costs of workers’ compensation coverage under control is important to businesses today. There are several steps business owners can take to reduce those expenses, like these:
- Focus on improving workplace safety.
- Offer and encourage first aid training.
- Document everything.
- Reward employee safety.
- Offer temporary jobs with limited physical requirements within the company to employees who may be able to work, but not in their previous capacity.
- Set a favorable example of safety for employees to follow. Take a top down approach to safety and ensure that everyone complies.
- Educate employees about latest safety features and company policies regarding safety.
- Businesses today need to keep the costs of operating businesses leaner today than in days past.
There is more demand for profit and smaller margins for error. The steps above will help you cut costs of workers’ comp coverage by reducing the number of accidents and injuries in the workplace. Just remember that safety measures, equipment, education, and training are not areas where you can afford to cut costs in business today.
The final step for cutting costs is to work with an independent insurance agency, like Otterstedt Insurance Agency that can compare plans, programs, and prices to help you get outstanding coverage at affordable rates for this critical insurance protection.
Why Trust Otterstedt Insurance Agency with Your Workers’ Compensation Coverage Needs?
Otterstedt Insurance Agency has been covering the insurance needs of businesses since 1919. We believe the key to our longevity in this highly competitive industry is our attention to detail and dedication to our customers. We do not see you as a policy number. We see you as a business owner who has unique and specific insurance coverage needs.