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Workers Compensation Insurance
Workers Compensation Insurance is a required expense for any employer in the U.S. The purpose of the insurance is to provide financial protection for employees who become injured, sick or are killed during the course of performing the duties of their job. The insurance premiums are determined individually for each employer based on ratings for their industry, the specific work duties of their employees, the amount of the company’s payroll and that employer’s work comp claim history.
In the event of a legitimate claim, an employee may be entitled to reimbursement for medical expenses, lost time at work and other damages resulting from the claim; all of which would be covered by an employer’s Workers Compensation Insurance Policy.
Workers Compensation – Costs You Can Control
Although Workers Compensation Insurance is a mandated expense for most employers, it is also an expense over which the employer is able to exercise a lot of control. Employers may implement Risk Management programs which promote safe work environments and safe work habits to minimize the injury exposure for their employees. Should a claim occur, employers still maintain a measure of control over the resulting costs through effective return to work policies.
A ‘Holistic’ Approach to Workers Compensation Risk Management
At Capstone, our Workers Compensation Experts look at the full picture. They recognize that minimizing the costs of claims is only a small part of an effective Risk Management Plan for an employer. Capstone has found that a comprehensive approach that focuses on providing a safe and healthy work environment for all employees has a much larger impact on lowering both the number and the severity of Workers Compensation Insurance claims. By taking this proactive approach, as well as working with employers to facilitate a quick return to work program following an injury, our clients experience the financial benefit of lower premiums and the greater benefit of a safe and productive work environment.