To support a successful business, limiting losses is a must. It is only logical that decreasing losses increases profit margins, so a main question among business owners is how to limit losses to maximize profits. A major point of profit loss for any business is related to personal injury claims, as well as workers’ compensation. Hiring a personal injury lawyer can help, but you need to follow the right precautions too. Here are some of them.
Ensure Proper Diligence
In personal injury claims, negligence of the business leads to hefty settlements paid to customers or workers that are injured in a negligence related accident. Workers’ compensation requires payment to an injured worker while they recover, which requires you to pay for a worker that isn’t showing up to work. Thankfully, there are some very simple ways to prevent personal injuries and reduce the losses they bring. Personal injury lawyer firms like Orin J Cohen Law can help you do just that.
Improve Safety
The easiest way to do so is to maximize the safety of your business for both your customers and your workers so that you aren’t considered negligent in case of an accident. You, as a business owner, can be considered negligent for several reasons. If you were made aware of a hazard or potential danger and didn’t attempt to correct it, you can be considered negligent in cases of injury. This can be avoided by routinely checking the conditions of your business and listening to complaints from employees and customers.
Be Proactive
If you are told about a potential problem, it is best to take care of it promptly, even if it is inconvenient. Taking the time to correct a small problem immediately can save your business money in the future. If an issue isn’t taken care of quickly, it also makes you liable, and can result in costly personal injury suits or worker’s compensation payments.
In cases of workers’ compensation claims, business owners need to take every action to make sure the compensation is truly deserved. If an employee is injured on the job, administer a drug test to ensure the worker was not under the influence when the accident occurred, since this can make their claim invalid, thus saving you money.
A claim can be outrightly denied in some states if the worker was under the influence, but even if that is not enough for an outright denial, it makes the claim much easier to fight against from a legal standpoint, as it is hard to prove that drugs were not the true cause of the injury. Pictures should be taken as quickly as possible, and your insurance company should be made aware of the claim immediately, so that no details are lost or inaccurate.
Be Aware of Fraudulent Claims
Fraudulent claims of personal injury or workers’ compensation are unfortunately a common problem facing business owners today. But while this is a serious issue, business owners can make it easier to detect fraudulent claims through some simple measures. First and foremost, having good security in your business, including cameras, allows you to maintain an accurate depiction of the exact events leading to the claim, which can act as a deterrent for those who wish to make fraudulent claims.
Do You Expect Any Fraud?
Additionally, particularly involving your workers if fraud is suspected, it is a reasonable action to conduct surveillance on the suspect. If a worker claiming to have an injured leg then runs a marathon and you get photographic evidence, fighting the claim in court is an easy process. Without clear proof, however, the claim will likely still be considered valid.
The last and possibly most important way to prevent depletion of profits due to avoidable injuries is to consider the almost-injuries: the ones that might not have happened, but can happen in the future if preventative measures are not taken. It might sound obvious, but this accident prevention is essential for a prosperous business.
If, in the winter, you notice people slipping at the entrance to your business, putting a doormat down might be the best way to prevent an accident. If workers are struggling to reach the top shelves in your storage areas, investing in a sturdy step-ladder might prevent injury from falling objects. These are small steps, but they can have a big impact on your bottom line.
In any business, personal injury claims will happen, along with workers’ compensation claims. However, that does not mean these claims cannot be limited and prevented. Being smart about how to handle hazards and injury claims could be the difference between profit and deficit, since claims can become pricey. It is always better to spend a small amount of time and money now than to spend a fortune later.
