In business, you have to limit your costs and liability as much as possible. One wrong lawsuit and you could be in dire financial straits for a long time afterward. Furthermore, if one of your employees gets injured on the job, it can make you feel horrible as their boss. To put your business in the best situation to succeed and handle potential injuries, here is what you should know about workers comp:
Reporting Injuries or Illness
When a worker is injured on the job, you do not have leniency in how you document it. You must document any injury or illness that occurred during work once your employee reports it to you. This helps to keep a record of their health and associate it with any kind of work hazard that may have presented itself. It can also protect you down the line if you need to show documentation.
Additionally, depending on the state, workers compensation insurance coverage may be necessary for your business to carry, depending on who you work with or how large you are. Utah, for example, requires just about any business in the state to carry it, and those policies offer employees across the state protection for any serious injury or illness. Texas, on the other hand, is the one state that doesn’t require private businesses to carry it. Be sure to check out where your state stands and how it works.
Lost Wages
There can be a lot of expenses you have to pay when your workers are hurt. They miss out on work, meaning that you need to bring in someone else and potentially pay them overtime or higher wages if they are a temporary contractor. However, in many cases, you are also liable for paying lost wages. Be sure to have a rainy day fund in case this ever occurs.
Filing Paperwork with the Hospitals and Insurance
Hospitals that treat your injured employee may want certain records from you. This could include employment insurance, proof of employment, or your protocol for handling these procedures. Keep this information in a safe place with HR or your dedicated employee advocate at the company to avoid issues.
OSHA
OSHA exists at the federal level to protect employees from getting injured on the job. If you don’t adhere to the standards set by OSHA, you are putting yourself, your employee’s safety, in jeopardy. OSHA regulations should be reviewed and implemented to ensure that your workers’ safety and your bottom line are both protected.
When it comes to operating a business, there are a lot of risks that you need to account for. One of these is employee injuries that occur on the job. While you hope this never happens, you should be prepared in the event that it does. Study this advice on workers comp so you can handle these situations safely and professionally.
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References: Workers Compensation Insurance | Texas Department of Insurance SLC Workers Compensation | Craig Swapp Occupational Safety and Health Administration | United States Department of Labor