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Have you protected your business with Workers’ Compensation Insurance?

Every year, there are nearly 4 million workplace injuries that cost a company more than $200 billion in lost production and medical expenses. In addition to those costs, employers lose billions of dollars from decreased productivity as employees work through their injury or illness. The responsibility for these losses falls on the employer who failed to protect themselves with Workers’ Compensation Insurance. Although many people think this is an unnecessary expense, it’s actually one of the most important investments you can make in your business.

The questions every business owner needs to ask themselves is how likely is it an employee will get injured and what will that cost the business?

Workers’ Compensation helps protect your business by providing medical treatment for workers injured on the job. Workers are covered even if they caused their own injuries through carelessness. The benefits of Workers’ Comp extend beyond lost wages and medical care for your staff. It will also help cover costs associated with retraining new employees when one is unable to return to work following an injury.

There were 888,220 nonfatal injuries and illnesses that caused a private industry worker to miss at least one day of work in 2019, with the median number of those absences being 8 days away from work. If your business is not in manufacturing, you may think it very unlikely your workers will get injured. It probably won’t surprise you to see that almost half of the cases reported in 2019 were from manufacturing businesses; however, you may not realize how likely it is that your own staff may become injured.

The Bureau of Labor Statistics 2019 report highlights the following industries:

  • Transportation – Does your business employ any drivers? Heavy and tractor-trailer truck drivers reported almost 48,000 injuries in 2019. Laborers and freight, stock and material movers reported over 64,000 injuries, and even light truck drivers reported 23,000 injuries. When you look at the case rate for injuries in this field it is almost 3 out of every 100 workers get injured each year.
  • Retail – If your business is in retail, you might think there is a very low chance of anyone getting injured. In 2019 almost 25,000 retail salespersons were injured on the job, a rate of almost 1 in every 100. In addition, over 27,000 stockers and order fillers were injured at a rate of almost 2 in every 100.
  • Maintenance – Your business may not be in either of those industries so you may be thinking you don’t need to worry about Workers’ Compensation Insurance. But who takes care of your business? Do you have a janitor or a cleaner? In 2019 janitors and cleaners reported almost 19,000 injuries that required at least a day off work at a rate of 1.5 people per 100 employed in these industries. Maybe you employ a maintenance person or general repair person to ensure that your business is operating properly. These workers were injured at a rate of 2 out of every 100, for a total of almost 21,500 injuries requiring time off work.

Whatever your industry, if you employ staff, Workers’ Compensation Insurance is something you need to consider. If that isn’t enough of a warning, just remember that Workers’ Compensation is not just good protection for your business, but it is also a legal requirement.

Workers’ Compensation doesn’t need to be expensive. At the J G Petit Insurance Agency we work with businesses to provide insurance solutions that protect them against any unexpected events they may face. Give us a call today on (855) 509-0001 to talk to someone about your business and see how we can help you.

 

 

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John Petit

John has a degree in Finance, a Master’s degree in Management, and is licensed to offer insurance products, financial products such as mutual funds and retirement plans.

Published April 28, 2022. Updated September 15, 2023

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