Protecting your business and your employees begins with a comprehensive insurance plan. If you’re not thinking about areas like workers’ compensation insurance, you could be setting yourself up for failure. Should a worker sustain an injury while working for your company, it can lead to some major disruptions to your finances and put you in a difficult legal predicament. Thankfully, a sensible insurance plan can go a long way.
Review Your Options
As detailed by professionals, there are a number of specific types of workers’ compensation insurance policies available to business owners. The standard plan is known as a “guaranteed cost” type of insurance. In this arrangement, the employer pays the costs associated with their implementation of the policy. Though commonplace, this is not the only structure available. A large-deductible workers’ compensation plan can be a more practical fit for a business owner looking for a special deductible agreement. Other areas to consider include:
- Establishing an escrow account
- Assessing risks specific to your industry
- Analyzing data on previous claims
Protect Your Assets
Though you might not be able to prevent workplace accidents from happening, you can definitely do your part to protect your workers using the methods available to you. Find a practical plan for insurance coverage and be sure to put time and thought behind which option for workers’ compensation fits best.