As a business owner, there are several steps you must take to keep your workers safe. For one, you absolutely need to make sure there are rules in place and that they are communicated to employees. Additionally, you should think about whether or not your insurance is living up to the demands of your industry. Reworking your workers’ compensation plan can be a great way for you to take initiative and do what’s right by your team.
Understanding Captive Options
One of the main options available to you as a business owner is selecting captive workers compensation instead of a traditional plan. Unlike the standard insurance plan, a captive arrangement offers a few key benefits. Having this type of structure can provide your team with the same level of coverage, but provide you with some great tax breaks. In order to determine whether this is a good fit for your business or not, look into the main differences between standard captives and rent-a-captive plans. You may also wish to look at factors like:
- Volume of claims made in the past year
- Current premiums
- Ability to assess growing risks
Assess Employee Needs
Though you might feel like your current workers’ compensation arrangement is good enough to cover the needs of your employees, there are a few ways it might fall short. Look into alternatives and see if an option like a captive plan is right for you.