Industry-Specific Workers’ Comp Challenges and Solutions

Why Workers’ Comp Isn’t One-Size-Fits-All

Workers’ compensation insurance is crucial no matter what industry you work in. If you’re a business owner or HR manager, you know the importance of safety at work as well as how imperative coverage is in the event an accident does occur. Workers’ comp not only provides financial security for your workers if they get injured on the job, but it also protects you from potentially paying out-of-pocket expenses if an employee gets hurt.

Depending on the type of work your company offers, potential hazards of the job can vary. With different risks from one industry to the next, workers’ comp coverage shouldn’t be a one-size-fits-all approach. Let’s explore the unique challenges faced by different industries and how tailored PEO workers’ compensation solutions can help businesses manage risks, reduce costs, and ensure compliance.

Industry-Specific Risks and Insurance Challenges

Each industry faces its own safety risks and insurance challenges. The highest risks faced by some workers can differ greatly from workplace dangers others may face—making it especially important to have coverage unique to the needs of each industry. For some high-risk industries that require the use of heavy machinery, it can even be difficult to get necessary coverage with traditional insurance policies in the first place.

The construction industry, for instance, tends to have higher injury rates than many other types of jobs. The use of heavy machinery, equipment, and materials, as well as working on potentially dangerous job sites often result in this increase in severe injury. With an increased prevalence of injury on the job, insurance rates can skyrocket. It’s crucial that construction workers are able to get the workers’ comp coverage they need at an affordable price.

Due to the nature of the work, other industries like manufacturing, agriculture, healthcare, and trucking may also need specific considerations and requirements when it comes to workers’ compensation coverage.

How PEOs Provide Customized Workers’ Comp Support by Industry

PEOs—professional employer organizations—offer administrative support to businesses, no matter the industry or size of the company. The goal of a great PEO is typically to take on those administrative tasks so that business owners and HR managers can put their energy toward the people who make up the organization, as well as focus on the company’s bottom line.

The role of a PEO may vary slightly depending on the industry of the company they’re supporting. PEO’s often have their own software that offers employers and their employees a way to access their personal information related to work.

Streamlined Onboarding and Safety Protocol

High-risk industries like construction often have high turnover rates when it comes to their workers. Because of the volume of workers coming into the industry, onboarding can feel incredibly overwhelming for employers, and it can be difficult to keep new hires up-to-date with safety protocol.

PEOs help streamline the onboarding process by providing all of the necessary information and materials for new hires to both the employer and their workers. This is a great way to help ensure employees are ready for the job and have a clear understanding of safety requirements before getting started.

Risk Management Implementation

No matter what industry you’re in, it’s crucial to have a plan in place for risk management. Beyond the initial onboarding process, remaining current with safety training programs and updated protocol is imperative.

Many PEOs will monitor—based on prevalent injuries or accidents—where gaps may be in education around safety within your organization. With this information in mind, they can create tailored training programs to help keep your team up to speed with protocol.

Pay-As-You-Go Workers’ Compensation Insurance

Pay-as-you-go workers’ comp coverage is a major benefit of partnering with a PEO. These plans can be tailored to meet the specific needs of your business—not only in terms of the type of coverage, but also the duration. You’ll only pay for the coverage you need for  your workers, for the amount of time you need. This is a fantastic option for industries that typically hire on a project-by-project basis.

Get Industry-Aligned Workers’ Comp Solutions with a PEO

If you’re a business owner or HR manager looking for the perfect solution to your workers’ compensation needs, don’t settle for a traditional one-size-fits-all plan. Partner with a PEO to get coverage tailored specifically to the needs of your organization and industry.