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Workers Compensation Insurance

Workers Compensation Insurance

Heartland Credit Union has partnered with Newtek Insurance Agency, LLC to provide you with the right insurance coverage at the right prices. Newtek offers insurance products in all fifty states. Our programs are underwritten by multiple  carriers who have been afforded A.M. Best “A” ratings. Our Business Service Specialists are available to help you understand your exposure and provide you with advice on the most economical way to protect your business.

Why a Business Needs Workers Compensation Insurance

Workers Compensation insurance provides no-fault coverage for employees suffering job-related injuries or illness, but it is also designed to help protect employers from personal liability lawsuits and other potential costs associated with workplace accidents. Most states require an employer to have Workers Compensation if you have employees, but the requirement will vary by state. If you are required to have it, they monitor your compliance and will assess fines if you are not in compliance. injury or illness.

WC insurance covers the costs of medical expenses and lost wages for employees suffering job-related injuries or illness. It can also protect you from workers who may sue for large amounts in damages, especially if your company is found negligent in any way. In addition, some of your customers and clients may require you to have WC coverage in place before they will do business with your company.

Health insurance, general liability insurance, indemnification agreements, and other perceived alternative policies are NOT the same, and will NOT cover many of the costs associated with job-related injury or illness.

Even these relatively minor workplace injuries can have a major impact on your bottom line if your business is not prepared. Carrying Workers Compensation insurance is an important part of any strategy to mitigate risk.

Preventing losses and controlling costs:

  • Hire the right people for the job. Workplace safety begins with safe hiring practices. Ensure potential have the right experience and training for the position. Conduct background checks to validate a candidate’s ability to perform job functions safely and effectively-investigate credit reports, criminal background, workers compensation claim history, drug and alcohol history, physical ability and more (subject to applicable laws and regulations).
  • Clearly define employee functions. Comprehensive documentation of the roles and responsibilities for each position helps you make better hiring decisions, utilize resources in the safest, most efficient way possible, and get injured workers back on the job quicker.
  • Create a culture of safety–starting at the top. Studies show that the more committed to workplace safety management is, the less injuries happen. Document policies and procedures for worker, security and fleet safety. Identify risks, and create strategies to mitigate them. Distribute policies to all employees, and ensure each are adequately trained on safe operational procedures.
  • Establish safety committees. No one better understands how to keep working conditions safe than the people on the job. Empower employees at all levels to get involved, providing easy ways to report safety concerns and provide input on how to make operating procedures safer.
  • Adapt ergonomic processes. Better workplace design can help minimize job-related injury or chronic illness. Whenever possible, engineer workstations, tools, machines and operational processes to fit the task to the worker.
  • Manage and analyze incidents, then adjust accordingly. Not all injuries can be avoided. Establishing procedures for reporting, responding to and documenting injuries when they do occur is key. Analyze the data. Remove identified hazards. Change processes found to commonly cause injuries. Revise strategies to improve incident response in the future.

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