What you need to know about workers compensation insurance

44315690_MAccidents can happen anywhere. That’s why it’s crucial that business owners everywhere take workers compensation insurance seriously and understand that it’s a crucial part of your business foundation and not just a nice-to-have benefit or an unnecessary perk. Here are some of the most important things to know about workers compensation insurance.

Injuries happen more often than you think.

You don’t have to work in a hazardous job to be at risk for work injuries. If an employee slips on a freshly washed office floor, you could be on the hook for their injuries. Even if the employee was partially responsible for the injury, they can often still receive employee compensation.

Workers compensation covers more than medical bills.

Workers compensation can cover injuries, loss of limbs and chronic illness caused by a work environment; medical treatment for work related illness, injury or ailment; rehabilitation; lost wages and more. It’s important to understand what workers compensation covers so you can get the right policy for your business and protect both your business assets and reputation.

You can reduce workers compensation claims by providing safety training.

It’s important to use preventative tools to help minimize risk in the workplace. Scheduling training for new employees and ongoing safety meetings for all employees is a good first step, no matter how small your business is. You should also regularly inspect the work environment and equipment to ensure it doesn’t pose any hazards to your staff. Displaying safety reminders and tips can also be helpful.

State requirements vary.

But no matter what kind of business you run, you still need basic workers compensation coverage. Georgia employees are covered from their first day on the job. You can find out more on what Georgia law says about workers compensation here.

No matter what industry your business is in, if you have any employees, you and your business are protected by having workers comp coverage. Navigating the ins and outs of coverage can be tricky, and Accurate Protection is here to help. We’re insurance experts, so we can help you walk through setting up the coverage you need. If you’ve got questions or want to get a proposal, get in touch today. We’re here to help.

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The importance of planning for businesses

When you hear the words “business plan,” you probably immediately think about mission statements, corporate goals, sales quotas and marketing KPIs. While these are all invaluable in terms of pieces of the business to plan for to ensure success and continuity, there are businesses that fail to plan in crucial areas. Namely, emergency and contingency planning.

No matter the size or age of your business, here are some of the most important questions to ask to ensure that there are no gaps in your planning.90443453_M

  1. Do you know what your insurance covers? Many businesses will hire a firm to ensure that they have the minimum insurance in place to legally do business or instruct them to find a plan that will keep them under budget. Insurance is one area you don’t want to scale back your budget for. While it may seem like a lot to spend on a service you hope to never need, if you need it and don’t have it, could your business survive it? Assess your coverage amounts regularly and make sure they still match the size of your staff and the size of your sales growth.
  2. Do you have an emergency plan in place? Hopefully you have all the appropriate liability insurance and property insurance, as well as worker’s compensation plans, but do you conduct regular safety meetings? Cybersecurity procedures and training? Fire drills? CPR training? These aren’t traditionally thought of as part of the business plan, but they are a crucial part of having a well-prepared business. Understanding how these areas can affect your business can help you organize and plan for a more secure future.

Our services can help you plan for and even potentially prevent just about any threat. We can protect your assets and your business, plus help you and your employees understand the importance of planning beyond quarterly goals for the health and success of your business long-term.

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