As every business manager knows, employee injuries or fatalities can be distressing in multiple ways. They represent challenges for your cash flow.

Not just in expensive medical bills, but they pose a threat in increased insurance premiums. They don’t help in employee morale or productivity, either.

Managers also know the importance of a safety culture to minimize the risks. In addition, in the event of calamities, your business needs to have ample workers’ compensation insurance.

It doesn’t have to be a forbidding decision to choosing the best workers’ comp policy for your business.

There are least five tactics to implement:

1. Research for a competent insurance agent or broker

You’ll need someone to best advise you and to provide the appropriate policies and coverage. That means getting an expert in your industry.

You’ll benefit from counseling to take steps to keep your premiums as low as possible. Ask about discounts and credits for workplace safety programs.

2. Understand the basics of workers’ comp

There are basically two facets of workers’ comp.

Firstly, it covers bodily injury in accidents, diseases incurred at work or either that is exacerbated by working for you. Benefits for medical care and disability are usually compensated no matter who is at-fault.

But any health problems resulting from criminal acts, self-inflicted wounds or suicide aren’t covered.

Secondly, workers’ comp protects the company from civil liability claims, which can be onerous. They include third-party claims such as filed by an employee’s family member such for injury or death.

3. Learn your state’s requirements

States vary in what they mandate in workers’ comp. That includes coverage you must buy and the benefits required for workers.

If you’re planning to expand to another state or you manage a multi-state company, make certain you’re in compliance. Your insurance agent must be knowledgeable in out-of-state policies.

4. Develop a safety program

Create solid policies and signage to minimize risks and protective gear from work-related mishaps. Training programs are also advised.

5. Review your policy at least annually

With your agent, discuss your policy and any changes in your business operations that might affect your coverage or premium.

For example, discuss your payroll, your use of independent contract workers or any facility changes.

From the Coach’s Corner, here are links to relevant sources for protection information:

Worker Safety Tips to Save on Workers’ Comp Insurance — Nearly 4 million U.S. workers are hurt annually on the job at a cost to companies in excess of $179 billion. To promote safer workplaces by reducing injuries — resulting in higher productivity — here are safety tips to save on workers’ compensation insurance.

5 Pointers to Successfully Fight Flu Season at Work — Flu as well as cold seasons can obviously have an adverse effect on your business operations. Your exposure is enormous – not only from your employees but from their families and your customers.

Tips for Filing an Insurance Claim if You’re Hit by a Disaster — Whether you suffer from a disaster, such as an earthquake or fire, here are 14 tips to remember in filing your insurance claim for a casualty loss.

You Can’t Prevent an Earthquake, but You Should Prepare for It — Not much good results from a major earthquake. Major earthquakes can ignite fires and gas explosions, damage buildings and kill thousands of people. For earthquake preparedness, here are six basic recommended steps.

Winter Security Tips for Your Transport Facility and Drivers — Criminals don’t hibernate like bears in the winter. Winter presents opportunities for criminals’ unscrupulous desires. To protect your products in the warehouse or distribution facilities and drivers on the road in snowy months, there are several important precautions to implement.

3 Key Points in the Art of Avoiding Business Lawsuits — If you want to operate your business successfully, one salient key is to avoid lawsuits, which isn’t always easy in this litigious 21st century.

10 Tips for Hiring the Right Attorney for Your Business — In running a successful business, you typically need the services of three professionals — a good tax accountant or CPA, insurance agent and an attorney. Know that talent and skill levels are crucial for your success.

“Let our advance worrying become advance thinking and planning.”

-Winston Churchill


Author Terry Corbell has written innumerable online business-enhancement articles, and is a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry.