A work-related illness, injury or death can be devastating for a small business. Not only do such incidents affect productivity and employee morale, they can be costly in the form of higher insurance costs and other expenses. Creating a culture of workplace safety is a critical way for employers to mitigate risk, as is ensuring that the company has enough worker’s compensation coverage. Below are several tips on finding the right workers compensation insurance company in Nassau County NY for the business.
Find a Good Agent
A good broker or agent’s help is invaluable. The agent can tell the business owner which policies can best protect the company, and agents should be knowledgeable about the industry sector. Agents should understand state worker’s comp requirements, and they should be able to tell the business owner which safety strategies can lower insurance premiums.
Know State Law
Jurisdictional requirements on worker’s compensation vary widely. Whether employees work in multiple areas or the company is opening a location in another state, the owner should ensure that the insurance agent is acquainted with the area’s laws. Every state sets forth requirements on worker’s comp coverage, and they provide guidelines on benefits for injured workers.
Put Together a Safety Strategy
As the saying goes, prevention is worth more than a cure. If there isn’t one already, the business owner should assemble and implement a safety plan to reduce the risk of workplace injuries. Simple steps such as signage, protective gear, training and ladder safety can greatly reduce claims. Some areas offer discounted premiums and credits for such programs; check out Ginsbergagency.com to determine what’s available in the area.
Know What’s Covered
Worker’s comp policies are typically split into two parts; they cover accidental bodily injuries sustained on the job, and they cover diseases aggravated or caused by workplace conditions. Benefits such as disability payments and medical treatment are typically paid without consideration of fault. However, benefits don’t apply where injuries result from illegal or self-inflicted activities.
Regularly Review the Policy
Most insurance should be reviewed at least once per year, and worker’s comp is no exception. The customer should review the policy with their Workers Compensation Insurance Company in Nassau County NY, addressing operational changes that can affect the premium paid. Depending on the nature of changes, a business owner can even save money in some cases.
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