By Woody Hill, Vice President of Safety Services, Texas Mutual
Workplace accidents can happen anywhere and to anyone. Although certain workplaces present more risks for injuries than others, employees are never risk-free. For this reason, workers’ compensation insurance is not only important for large companies and companies where physical labor is an integral part of the job, but it is also important for small businesses.
Here is what small business employers should keep in mind when considering workers’ compensation insurance:
- It’s always needed. Even in the “safest” workplaces, there is a chance that an injury will occur. All it takes is one small water spill to cause an employee to slip and fall. Despite your best efforts, workplace hazards will exist. By accepting this fact and purchasing a workers’ compensation policy, employers will protect themselves and their employees.
- It only takes once. All it takes is a single on-the-job injury to destroy a business. An employer without workers’ compensation coverage bears complete financial responsibility for an employee’s injury if the employer is found negligent. Simply put, choosing not to purchase a workers’ compensation policy could cost an employer his or her business.
- It sends a message to your employees. When employers buy a workers’ compensation policy, it sends an important message to their employees: We value your health and safety, and we have taken the appropriate steps to protect you on the job. When employees feel valued, it raises their morale and increases their productiveness. In the long-term, they are more likely to remain loyal to the business and stay for a longer period of time.
- It sets your business up for long-term success. Employers invest in their future by investing in workers’ compensation insurance. By lowering the risk of financial disaster while simultaneously showing their employees that they value their health and safety, small businesses are more likely to last.
Regardless of the type of business or the size, workers’ compensation insurance is never a bad investment. It benefits employers as well as employees and ultimately helps ensure that a small business stays in business.
Woody Hill is the vice president of safety services for Texas Mutual Insurance Company. Austin-based Texas Mutual Insurance Company is the leading provider of workers’ compensation insurance in Texas.
Source: Texas Mutual/ECPR