Could Your Business Benefit From Large Deductible Workers Compensation Insurance?

As a business owner, how much are you spending to offset the potential costs of an injured worker every year? While it’s important to cover yourself against potential major expenses, no two companies have the same insurance needs. The key decision that you’ll have to make is whether the potential savings are enough to offset the money your company will pay if someone has to file a workers compensation claim. Here’s how a large deductible plan works, and why it might be right for your organization.

Lower Monthly Bills

The flexibility that these types of plans provide comes from the fact that you don’t have as much money tied up in monthly premium payments. Yes, an accident can happen anywhere, but if your workers aren’t regularly put in harm’s way, the likelihood of a mishap diminishes greatly. Instead of allocating precious resources to deal with a problem that is only a rare possibility, a large deductible policy allows you to save money now to fix a situation after it actually occurs.

When Does it Make Sense?

If your employees specialize in working with heavy machinery or performing hard physical labor, a large deductible plan probably isn’t right for your company. When workers spend the whole day in an office, the likelihood of an injury goes way down, and that’s where policies like this can shine. Research and consultation is the best way to get the most out of your workers compensation dollar.