Workers Comp is one of the greatest time problems facing any business owner, on any level, in the entire U.S. In fact, last year, according to Forbes, it was estimated that $117 billion was lost due to wage replacement from “absence due to illness as well as workers compensation and both short and long-term disability.” A statistic that, given its size, may have affected one or two of you. This is why it is important to know when, as an employer, you should be seeking compensation advice.
Here are three times you should seek advice:
Seek out everything you need now (seriously, right now!)
The best time to educate yourself on workers comp is before it happens. Read up, take a class, attend a seminar. Look at it as an investment for a bad situation. Like an insurance on everything that you need to know. But that’s just the beginning. Don’t stop at a just an investment, you will also need a return.
Ask before you hire
That last person that you interviewed, did they seem right to you? Did a red flag go up and cause the alarm to sound. After a while, all hiring managers (or business owners) develop a sixth sense about a potential new hire. If you get a tingle, best consult a second party. If the person seems worth the trouble and your time, schedule a second interview for further evaluation. Don’t let a mistake today affect next year.
If an injury occurs
Does this one seem obvious? If you answered yes, then that’s a great start. If an employee is hurt or is sick, even if you are unsure it is work-related, take action. Ask questions, inquire about the situation, be pro-active. The sooner you figure out what to do next, the quicker you can resolve the situation and file it in the appropriate box.
By following these simple rules, you can avoid a pile of headaches that you don’t want can can’t afford. For more tips on running your small business, contact us any time. Thank you.