As a small business owner you likely have workers compensation coverage because you are required too but it actually benefits your business more than you realize. Workers comp coverage plans act as a safety net for your business without it you could literally lose everything that you have worked so hard to build.
The Numbers
There are literally millions of workers right now that are our on workers comp due to a work place injury. Even in the most innocuous fields there is always a risk of injury. Walking to the copy machine can be dangerous in the right conditions. If it was not for workers compensation coverage the cost of the medical bills alone would quickly drain a business. Here are some statistics according to OSHA:
- For 2011 -$250 billion dollars in claims was paid out
- Falls account for the largest number of claims
- Around $712 million in lost wages were attributed to the state of Maryland alone for 2010 because of work place injuries
- Medical costs for work place injuries for 2012 were in the billions for the US
You can see how quickly the costs become prohibitive they quickly stack up when it comes to work place injuries. A good policy will at least release you from any liability.
Taking Care of Your Capital
No matter how you twist or turn the equation, human capital (employees) are one of your biggest assets ensuring that they are protected actually improves the loyalty of your employees. Part of providing a safe work environment that people are happy to come to includes having the proper coverage “just in case”. Of course this is also a plus for the business owner. Happy, safe, protected employees are productive employees. Workers comp coverage is an important part of your financial safety net. Account First can help to show you how to get the most out of your plan.
