Why Choosing the Right Workers' Compensation Insurance Matters to Your Business

You care for your employees and don’t want to see them get injured on the job. Unfortunately, accidents happen, and injuries can be costly—in fact, workplace injuries cost businesses over $170 billion annually. Workers’ compensation insurance protects both you and your employees—but not all insurance companies are created equally when it comes to the protection and services they provide. 

What is Workers’ Compensation Insurance?  

Workers’ compensation insurance provides benefits to employees who suffer work-related injuries, illnesses, and occupational diseases. It’s designed to protect not only the employee but the employer too by providing financial assistance and legal protection in the event of a workplace accident. Most states require businesses with employees to have workers’ compensation insurance in place, and noncompliance can lead to significant penalties.  

What Benefits Does Workers’ Compensation Insurance Provide? 

For employees, workers’ compensation insurance covers necessary medical expenses and provides money for lost wages if they are off the job while they recover. For employers, it ensures they are in legal compliance with workers’ compensation requirements and avoids fines and other repercussions. It also protects them from lawsuits, as employers typically cannot be sued by employees for injuries if they have coverage in place. Equally important, having a workers’ compensation policy in place provides peace of mind for both employers and employees. Workers know they will be taken care of, helping increase trust and morale. Safe and happy employees are productive employees! 

Is All Workers’ Compensation Coverage the Same? 

No. There are big differences between different companies when it comes to the services and programs they provide you and your employees, as well as their approach to cost savings that can impact your bottom line. 

How Do I Choose the Right Insurance Partner?  

Ask about a company’s approach to workers’ compensation. Your independent agent can be a good resource to help guide your research. Here are some areas to consider:  

Service reputation. Does the insurance company provide excellent customer service? Workplace injuries can be stressful, so you need a company that not only handles claims fast and fair, but also provides support to workers during a difficult time to help them recover.  

Staff expertise. Does the company have dedicated workers’ compensation claims reps who are experts in the field? Having this expertise to turn to for support means you don’t have to worry about the nuances of your employee’s claims. 

Valuable Programs and Services. How does the insurance company help manage and reduce workers’ compensation costs? Some cost-saving features a company could offer include: 

• Return to work programs and support

• Managed care programs that include medical bill review to maximize savings

• Pharmacy discount benefits 

• A nurse helpline for fast access to non-emergent care 

• Value-added safety and loss control services and resources to help reduce injuries

   

Acuity is a workers’ compensation expert and offers programs and services that make us the company of choice for thousands of businesses. And, with a 97% claims satisfaction rating, you can rest easy knowing your business and your employees are protected by Acuity. You can learn more about what we offer at our website, or by contacting your local independent insurance agent.  

Regardless of your company’s industry, preventing workplace injuries and controlling the cost of your workers’ compensation claims is critical to your bottom line. Choosing the right insurance provider can make all the difference in achieving the best outcomes when workplace injuries or illnesses happen.