A business, irrespective of size, must comply with a set of rules stated by the government. Although each state has its own set of small business workers compensation rules, small firms are usually required to have a plan in place from the moment they recruit their first employee.
This policy offers a crucial defense against medical costs and employee claims resulting from occupational injuries, even when it is not required by law.
If you or a worker sustains an injury at work that requires medical attention or time off, or if an affected person brings a claim against you for negligence in preventing the accident, you may rely on workers’ compensation. However, if your company doesn’t have small business workers compensation insurance, medical expenses, and legal costs will be your responsibility. And the majority of states impose steep fines for noncompliance.
Here is all you need to understand to help you decide whether your company needs workers’ compensation insurance.
Following America’s Bureau of Labor Statistics, private industry employers reported 2.8 million nonfatal occupational injuries and illnesses in 2018. While slips, trips, falls, and muscular strains account for most workplace accidents, toxic gasses, falling objects, and repetitive motion injuries can also cause harm to workers. Even when the Occupational Safety and Health Administration (OSHA) claims a decrease in workplace injuries, employers must continue being vigilant about providing the safest working environment.
OSHA advises conducting a self-audit of your workplace to check for potential risks such as using any hazardous products, observing employee work patterns and practices, and then discussing safety and health concerns with employees.
Determine which aspects of the company need development as you obtain information, including:
- Health and safety initiatives
- Apparatus (inspection and maintenance)
- Training programs for employees Injury history