Michigan law requires that every employer subject to the Workers’ Disability Compensation Act provide assurances that it can pay benefits to its workers if they’re injured. Most employers in Michigan provide this security by purchasing workers’ compensation insurance from a private insurance company. The insurance company then reports to the bureau that it’s providing coverage for that employer; however, some employers are “self-insured.”
If you’re a business owner, protecting your business assets is one of your key priorities—and if you have employees, their well-being is also critically important to you. To keep your business and your employees safer, being proactive about implementing workplace safety initiatives, such as those listed below, is a good practice:
- Provide safety training and education for staff. Counting on employees’ common sense to keep them safe is risky. Instead, clarify, document and communicate your company’s safety guidelines and hold periodic safety training sessions.
- Provide the right tools and equipment. You can’t expect employees to take reasonable precautions if they don’t have the proper tools and equipment to do their jobs safely. Making modifications or buying additional equipment is usually much less expensive than having to pay medical costs due to an employee injury.
- Ask your employees for safety suggestions. Since your employees are doing the work at your business, they’re often one of the best sources of suggestions about how their jobs can be made safer—and even how to protect your business. The best way to solicit their ideas? Simply ask! An informal brainstorming session or a more structured survey are two ways to obtain this valuable feedback.
Michigan has a competitive Workers’ Compensation (WC) Insurance System. Michigan’s “open competition” system allows market forces to set the WC insurance rates, thus enabling companies to shop among nearly 250 insurance carriers for the best, lowest-cost options. Self-insurance, group self-insurance, deductible plans and other options are available, as well. With such a wide-range of cost-savings opportunities, Michigan businesses can play a significant role in containing or reducing their WC costs.
Want to learn more about workers’ compensation insurance in Michigan?
If you have questions about workers’ compensation insurance, contact Kemner Iott Benz today! One of our expert insurance professionals can help you get the coverage you need to keep your employees and your business safe.
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