BUSINESS BASICS: WORKERS’ COMPENSATION
Why should all business owners and operators familiarize themselves with the basics of workers’ compensation? Because workplace accidents and illnesses do happen, no matter what industry a business is in. Being prepared is the key to reducing your risks as an employer.
Worker’s Compensation insurance protects both employers and their employees. It provides benefits, such as medical and disability benefits, to employees who are injured on the job. It also protects employers from lawsuits arising from incidents covered under workers’ compensation. With workers’ compensation coverage in place, neither the employer nor the employee has to shoulder a potentially catastrophic financial burden resulting from a workplace injury.
Nearly all states require businesses to purchase worker’s compensation for their employees, but the requirements vary from state to state. To remain in compliance with labor regulations, it is important to understand your state’s workers’ compensation laws and your responsibilities to your employees.
Businesses must purchase a policy annually, and the cost of this policy is calculated from a few factors: the type of work being performed, the industry the business is in, and a business’ history of claims. Finding affordable workers’ compensation can be a challenge for many businesses, especially small businesses or new businesses without a loss history. On top of the cost, the administrative burden of managing the claims process can also be significant. Faced with these challenges, businesses often benefit from partnering with a Professional Employer Organization (PEO).
Anthros, as a PEO with longstanding relationships with A-rated insurance carriers, thousands of employees, and a history of minimal losses, can in many cases offer better premiums than clients can secure on their own. With our proactive claims management process and our legal team’s expertise in fighting fraudulent claims, we keep workers’ compensations costs down over time. Businesses also receive the benefit of paying their premium over the course of the year along with payroll, rather than paying the entire premium upfront as would be expected with their own policy.
The Anthros team navigates the annual policy renewals process and negotiates directly with insurance carriers on behalf of our clients, reassuring clients who feel they lack leverage in negotiating renewals. We work exclusively with A-rated insurance companies, and through our long-term partnership with A-rated carrier AmTrust North America, Anthros can secure the best workers’ compensation coverage available for our clients.
Our step-by-step workers’ compensation guide and training for our clients ensures worksite managers know exactly what to do in the event of an accident. We file and manage claims directly with the carrier, guide clients and employees through the accident investigation report, and help coordinate medical care and return-to-work programs. In addition, we ensure clients remain in compliance with the Occupational Safety and Health Administration (OSHA) by providing them with annual OSHA 300 logs, the yearly required summary of injuries and illnesses.
Need help securing workers’ compensation coverage for your business or want to understand how Anthros helps business with workers’ compensation claims? Get in touch with the Anthros team.
About the Author
Lisa King-Corbin, PHR, is the Director of Risk Management at Anthros.