Workers compensation insurance helps give you the financial protection against medical bills and lost time at work should an employee be injured on the job. However, the right business insurance provider can not only help cover those costs, but can also help to minimize the risk of injury at your workplace. As a small business, learning how to avoid work-related accidents and injuries can be just as powerful as having insurance to protect against financial losses.
Who Provides the Service?
Risk management services are often provided by high quality, specialized insurance plans. These are offered by companies that not only sell workers compensation insurance, but also want to help you to control it. A risk professional, who can work with you through your insurer, will have specialized skills based on the type of business you own. They tend to be industry specialists who have degrees and designations associated with safety, risk control and engineering. They are often also key members of associations and safety committees.
How Can Risk Management Services Protect Your Company?
A key benefit of using risk management services is that they offer realistic, high-quality information to you about your risks. That is, they assess your company, determine where you are exposed to risk and then provide you with practical suggestions to mitigate that risk.
In some cases, there is a need for these providers to offer on-site support. This means conducting an in-person evaluation of your location and offering (as well as in some cases implementing) a plan of action to mitigate specific risks. This might include looking at:
- General safety of your location
- Areas of exposure and loss
- Storage practices
- Construction project safety
- Fire alarm and system testing
The benefit here is simple. When you have risk management professionals providing these services, you can significantly reduce your business’ level of risk. That means you are less likely to need to use workers compensation. And as a result, you can reduce your business insurance costs, keep your employees happy and healthy and keep your business productive and efficient. If you haven't incorporated these services into your company's best practices, now is the time to do so. It may help you to lower costs and improve the way your business is run.
Keep your risks in check. Call Knight-Dik Insurance Agency at 508-753-6353 for more information on Worcester workers compensation insurance.
How does your business manage risks? We’d love to hear about your efforts in the comments section below.