Slip and Fall Workmans Comp – Tips for Risk Management for Restaurant Business Owners
Slip and Fall Workmans comp insurance covers the slips and falls, as well as occasional accidents, but accounts for one the fastest growing labor costs. Premiums for workmans comp have risen 50 percent nationwide in the last three years - the fastest pace in a decade, according to the New York City-based Insurance Information Institute.
Due to food handling and preparation, restaurants have to comply with more regulations and compliance issues than ninety percent of the general business population.
Today workplace health and safety is more crucial than ever before to a small business’s long-term success. Dealing with the unexpected, the Swine Flu scare, along with constant recession-driven layoffs, is driving the cost of workers’ compensation premiums.
Workmans Comp accidents cost money such as direct costs:
- Medical expenses
- Compensation expenses
There are indirect costs as well. If lost, these items can easily cost you many times the direct costs.
- Loss of Production
- Loss of Time
- Lowering of Employee morale
- Drops in Customer Service
One option to deal with these risks is to partner with an HR outsource, like a Professional Employer Organization (PEO). A PEO routinely implements risk management processes to keep expenses down. For more than two decades, workmans comp (including slip and fall) risk management has been a central component of the total human resources solution PEOs have been providing. They routinely review and document the claims experience to understand the frequency and severity of claims. Results of these reviews help you avoid excessive costs and employee claims.
Modern Business Associates frequently deals with Slip and Fall Workmans Comp. As a Professional Payroll and HR outsource organization, our clients rely on us to help them effectively deal with these kinds of topics.
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