Running a restaurant is a demanding venture. The fast-paced environment, coupled with the inherent risks of food service, can expose your employees to potential injuries.
According to AmTrust’s 2024 Restaurant Risk Report, cuts remain the most common type of restaurant injury, but a strained body part has the highest average cost per complaint, around $10,672.
However, when numerous injuries occur at once, which can be common in a restaurant, the payout is 484% higher than for just a cut finger. That’s where workers’ compensation insurance comes in.
Workers’ compensation insurance is a legal requirement for businesses with employees in most states. It provides financial protection for your staff in case of work-related accidents. This coverage typically covers:
- Medical Expenses: Emergency care, surgeries, physical therapy, and ongoing medical treatment.
- Lost Wages: Compensation for time missed from work due to injury.
- Disability Benefits: Support for workers unable to return to their previous job.
- Death Benefits: Financial assistance for families of employees who tragically lost their lives on the job.
Workers’ compensation also offers significant benefits to your restaurant:
- Reduced Legal Liability: It can limit your legal exposure in case of lawsuits from injured employees.
- Improved Employee Satisfaction: Knowing they’re protected can boost employee satisfaction and retention.
- Potential Discounts: Implementing strong safety protocols can lead to lower insurance premiums.
To minimize workplace accidents and reduce insurance costs, consider these proactive measures:
- Regular Safety Training: Educate employees on proper lifting techniques, handling hot surfaces, and safe use of kitchen equipment.
- Maintain a Clean and Organized Workplace: Reduce slip-and-fall hazards by keeping floors clean and dry.
- Inspect Equipment Regularly: Ensure all equipment is in good working condition to prevent accidents.
GTM Insurance Agency offers a solution to eliminate unexpected costs and cash flow disruptions. Our Pay-As-You-Go (PAYGO) solution aligns your workers’ compensation premiums with your payroll. PAYGO ensures you don’t have a large upfront payment or any audit surprises.
By understanding the importance of workers’ compensation insurance and implementing effective risk management strategies, you can protect your employees, safeguard your business, and maintain a thriving restaurant.
For more information on workers’ compensation laws, PAYGO, and to ensure you comply with your states requirements, request a free quote from the GTM Insurance Agency today.
