Workers Compensation is a coverage that some business owners feel like they don’t need but the reality is that EVERY business needs it. This provides coverage for medical expenses, rehab costs, and lost wages for employees that are either injured or become ill at work. Workers Comp is required by most states in the U.S. and can often times be one of the more expensive lines of coverage on a commercial policy.
You may have heard the term “Work Comp Mod”. This is a multiplier or a score that is calculated and applied to the premium. It provides an incentive for accident prevention. There is an experience period taken into consideration where any and all claims are evaluated and factored into the score.
Essentially, the safer your company is, the more money you save. It has been shown that for every $1 in direct costs from an injury or illness, there could be another $3-10 in indirect costs such as damages, recruiting/hiring, accident investigation, fines, loss of productivity, negative public image, etc. We want to be proactive and instill a culture of safety for your team to prevent these types of things from happening. There are things you can implement immediately to foster a safety-focused culture such as: Safety Programs, Selective Hiring Process, Emergency Preparedness Plan, Distracted/Defensive Driving Plans, Training Programs, Return to Work arrangements, etc. We can help you prevent, or at least be prepared for, the phone call this guy is making.