Custom Workers' Compensation Plans

By Michael Galvan | 04/08/2016

Nobody knows the ins and outs of your business better than you.

That’s why it makes sense to use a workers' compensation plan that is designed from the ground up. Understanding the specific needs of your workforce allows you to create a program that eliminates waste and offers cost-effective protection.

When you create a unique workers’ compensation policy you take a big step toward reducing the risk for injury and liability for the cost of employee medical expenses and lost wages. On-the-job injuries can present significant financial hurdles for even the most established corporations.

Health insurance, indemnifications agreements, general liability insurance, and other so-called “alternative policies” DO NOT provide the same sort of protection. These programs have significant gaps that will not cover a large majority of job-related injury costs. Effective workers’ compensation plans may also provide protection against potential lawsuits for punitive damages.

Many employers may elect to partner with a specific Occupational Medicine Provider to help implement their workers’ compensation program, which often limits the amount of employee turnover. Hiring a new employee is expensive and represents a real business cost. Turnover expenses include: training, lost clients, delays in production, and stiffer competition. By having a dedicated program in place, employers can reduce the risk of injury and employees feel cared for in the event of an injury, further creating a successful workplace.

Developing a custom workers' compensation program will allow you to tailor a system designed to handle your biggest threats to productivity. Whether you are a large retail chain, manufacturing business, or small restaurant, the people that drive your business face unique occupational hazards. Planning for and avoiding specific job hazards will save leadership countless headaches.

If you think that your business could use the protection of a custom workers’ compensation program, call one of our program experts. They are available to discuss how a one-of-a-kind workers' compensation program can impact your bottom line and generate a great ROI.