4 Tips Business Owners Need To Know About Worker’s Compensation
Being a business owner means having to attend to a multitude of different responsibilities. One thing this can include is worker’s compensation. According to the National Federation of Independent Businesses, if you have more than five employees, you will likely be required by the law to provide worker’s compensation insurance. Here are some tips that can help.
Create and Store Records of Workplace Injuries
One of the things you will likely be mandated by the state to do to adhere to the law is create and store records for each workplace injury that occurs. Every conceivable injury should be taken seriously, investigated and recorded. Your records for the incidents should include things like the known facts about the accident, witness reports, an interview with the supervisor on the clock, pictures of the scene of the injury, diagrams and any other evidence you can procure.
Report Claims to the Insurance Company Immediately
Another piece of advice to take to heart is to report workers’ comp claims to the insurer immediately. Doing so in a quick and prompt manner can help insure that the claims process goes much smoother for you. Doing so quickly helps insure that the evidence is still fresh and can be persevered. It also allows workers to receive treatment for their injuries quicker as well. Alternatively, waiting too long could result in fines or other penalties from the insurance company.
Implement a Return to Work Program
One way to help slash some of the costs of worker’s compensation in regards to lost time on the job is to institute a return to work program. This can help an employee readjust to working with the company again after a serious injury. This may require identifying tasks that an employee can physically perform while recuperating from the injury. It can make them feel valued by the organization and help prevent turnover after they recover completely.
Maintain a Safe Workplace
Overall, the best way to prepare for worker’s compensation claims is to prevent them from occurring in the first place. This will help save money on insurance, and it’s the moral thing to do regardless. Make sure your workplace conforms to all OSHA safety standards and all perceivable safety threats are dealt with immediately.
It’s your responsibility as an employer to protect the wellbeing of your employees. That includes providing workers’ compensation insurance in case an accident happens at your workplace. Educate yourself on your responsibilities relating to worker’s comp to insure you are meeting your legal obligations.