#5 Risk Management & Compliance and Regulatory & Legal Compliance
In any industry, a business owner knows that work-related injuries can occur, whether it’s a simple laceration or something more serious. Regardless of the severity of the injury, the employer is responsible to start the process of putting in a worker’s compensation claim immediately. Reporting the claim itself is not a very difficult task, but what happens after the claim is submitted can really cause headaches for a business owner. When managing a worker’s compensation claim, the employer must make sure that they are answering questions that the injured employee has and finding ways to get them back to work, even if it is doing something less strenuous than their typical duties. If an employee is out of work for a work-related injury, they may see this as a way to continue getting paid, while sitting at home. But in reality, they could be performing a less strenuous type of service for the employer. The same can be true for employees who fake an injury and report a fraudulent claim so they can get paid while not working. As the employer, how are you going to be able to stay on top of these claims while still trying to run a business? There are many headaches that come along with risk management and compliance, such as:
· Risk Management: The best way to avoid a workplace injury is to be proactive and have a safety and risk management program in place. Employers typically find it difficult to locate the right resources to educate them on workplace safety programs, especially if their business expertise is not related to risk and safety management. For example, most business owners may not know that the top three workplace injuries result from overexertion, contact with an object or equipment, and slips, trips, and falls.
· Claims Management: As stated previously, managing Work Comp claims can be a burden for any business owner and without the proper process in place, you could lose money because an employee is being fraudulent about the claim or they are using their injury as a way to stay out of work for long periods of time while continuing to get paid. For example, in the United States there were 104 million production days lost in one year because of employees out of work due to a work-related injury! That’s the equivalent of roughly 285,000 years!
· Safety Training: If a business owner thinks that their scope of work is generally safe, they may think that they don’t need to implement any type of safety training at their business, but this couldn’t be further from the truth. Business owners tend to underestimate how many workplace injuries occur. According to the National Safety Council there is one workplace injury every 7 seconds which leads to about 4.6 million injuries at work per year!
· Legal Compliance: Employers who are not up to date with legal compliance topics in the workplace can find themselves paying out a lot of money on worker’s compensation claims that they handled incorrectly. As a business owner, you are asked to do a lot of things and having to be knowledgeable on legal compliance issues is often too much to ask. How can a business owner focus on growing their core business if they always must research topics that don’t increase their revenue?
A business owner, especially a small to mid-sized business owner, simply cannot handle all these areas mentioned above and still continue to grow their business. There is simply not enough time in the day for anyone to handle their business needs and stay up to date on risk management, and safety, and legal compliance. Thankfully, CornerstonePEO can be your advocate for you, and help you handle these necessary tasks so you can go back to what you do best, growing your business! Here are some of the ways CornerstonePEO can help in the areas of Risk Management & Compliance, and Regulatory & Legal Compliance:
· Risk Management: CornerstonePEO is proud to work with our risk management partner and offers our clients the option to have a Loss Control Survey done. This process allows someone from outside of your business to come in and get a fresh set of eyes on your jobsites and/or workplace. This will help in finding areas that can be a safety hazard and catch these before an employee gets hurt. On top of this, our team can also help you make safety manuals specific to your business and industry so that your employees have the best risk and safety resources to refer to daily.
· Claims Management: In a PEO relationship, we are just as motivated as our clients to make sure that claims are managed efficiently and correctly. Our claims advocates not only have a deep understanding of the risk areas of your business, but they are also versed in how to mitigate losses. Claims can have a negative long-term effect on your bottom line, and we are obligated to keep these costs to a minimum. We also work with our clients and their employees to establish a return to work program so that your employee can find a way to get back to work in some capacity instead of getting comfortable sitting at home and collecting a paycheck.
· Safety Training: CornerstonePEO offers a full library of safety training topics that our clients get access to as well as client-specific safety programs. Another added benefit of the safety training we offer with Loss Control Surveys is that we can recommend best practices to prevent claims from occurring in the future. A safe workplace and your employee’s health are our top priorities!
· Legal Compliance: As a client of CornerstonePEO, we litigate your claims for you, so you know that you are in good hands with our claims experts. This is a time-consuming task, and CorenrstonePEO will be your advocate to help get these claims closed.