You never want to think about an injury happening to a valued member of your team, but in the real world, accidents can occur at any time. You can emphasize safe practices for your employees or devote time to training, but sometimes a mishap is unavoidable. Should someone get hurt at work, it’s the company’s responsibility to make things good. However, there are ways to mitigate these kinds of costs. Here are two types of workers compensation plans and what they mean for any organization.
These plans are all about consistency, because your monthly bill doesn’t change. You simply spend a fixed amount based on the number of employees you have, and you can get discounts by reducing the number of claims in a given time period. When the viability of your business depends on careful budgeting, this is the perfect workers compensation plan to meet your needs.
If your business is in an industry that doesn’t expose employees to risk, it might make sense to save money on monthly premiums and deal with a larger deductible payment if something should actually happen. These plans are popular with larger companies that don’t want to see bills increase with every new employee.
If you’re still unsure about which workers compensation plan works for your business, an experienced consultant can point you in the right direction. Careful research today can go a long way to providing excellent coverage for your valued employees.