Improve your risk profile by tackling workplace health and safety issues
On-the-job injuries can be financially devastating for employees. At the same time, death in service can leave families struggling and unable to make ends meet. Workers’ compensation can help by covering medical costs, lost wages, and more. While this insurance is mandatory in several countries, it has been growing in popularity worldwide and many firms now see it as a critical piece of the employee compensation package.
Workers’ compensation, in the broadest sense, helps employees that suffer from work-related injuries and looks after the families of anyone who dies following an incident in the workplace. Of course, firms should be taking the utmost care to prevent such accidents from occurring, but even with health and safety mitigation in place they can still happen. In these cases, workers' compensation is a vital support for employees and their loved ones.
Despite the obvious positives, workers’ compensation can be expensive to provide. However, the protection for your workforce, your bottom line, and your reputation far outweighs the costs.
The biggest workers’ compensation costs for employers are comprised of insurance premiums and retained losses. Poorly structured programs can lead to even more expense due to lower workforce productivity and time and resources spent managing claims. MMB can help you to tailor your program to eliminate these inefficiencies for the benefit of your business and your employees.
Workers’ compensation rules and regulations vary considerably. In countries where workers’ compensation is not mandatory, typically there will be other legislation around accidents and injury at work. These complexities can make it difficult for companies to navigate this environment and address emerging trends and legislative changes.
