What is Risk Management?
Risk management is all about minimizing the possible effects of loss due to any number of risks. For example, this can include the risk of damage to cars, homes, or being sued by other individuals or companies.
One specific example is the risk of being sued by employees if you are a business and employing staff. You can provide protection, not only to yourself, but to your workers as well.
Employees are your most valuable asset, and you can protect them and your business with Workers Compensation Insurance (workers comp).
What does Workers Compensation Risk Management cover?
– Workers Comp is a form of risk management that covers businesses and employees from injuries at work and while commuting to and from worker. For Example, if a worker or staff member is hurt while lifting inventory.
– Workers Comp covers employees while driving cars during work hours and between home and work. For example, if a staff member becomes involved in an accident while driving to work.
Who does Workers Compensation protect?
– Workers Comp is a risk management insurance product that protects both employees and employers from the financial impacts of injuries and accidents which are work related.
Employer Risk Management
The Risk Management product of Workers Compensation Insurance is also know as Workers Comp, and is mandatory in California.
How does Workers Compensation risk management protect employees?
– Workers Comp is a mandatory risk management coverage that provides benefits for work related injury or illness
– Workers Comp benefits employers and employees, by paying employees’ medical expenses
– Workers Comp helps to replace lost pay while out of work or disabled for a period of time
How does Workers Compensation protect employers?
– When an injured staff member obtains Workers Compensation benefits they cannot sue the employer for damages. Therefore, this an effective risk management tool, and it is required by law!
Workers Compensation Coverage for Sole Proprietors
Even if you are trading as a Sole Proprietor without employees, there are many good reasons to utilize Workers Compensation insurance as a risk management strategy, as it can even cover your own medical expenses and lost pay while you are recovering from sickness or injury.
Workers Compensation risk management benefits for Sole Proprietors
– Workers Comp reduces risk by covering medical expenses
– Workers Comp covers lost income.
Risk Management Services | California Workers’ Comp Quote
Contact Stephen Thomas, Insurance Broker in California for more information about Risk Management for all types of risks, including employment risk and Workers Compensation. We are risk management experts, specializing in all types of Workers’ Compensation Insurance Quotes
Call Stephen today!
Call Now for a Quote: +1 (949) 484-3303
Email: stephen@difordinsurance.com