One of the major questions coming from the recent workers’ comp reform is how much will small businesses have to make up for large businesses opting out of the current state workers’ comp system?
Since most large businesses will in fact choose to opt out of the current system and determine their own benefits, some believe that small businesses will see an increase in insurance rates rather than a drop that big business will see. If you own or work for a small business, this should concern you.
What could this mean for small business?
If you own a small business and have benefits for your employees, you may begin spending more for insurance rates as large businesses leave the current system. While they are seeking savings, you may be stuck with increases.
If you work for a small business, you may be paying for more than you need. While it’s great to have compensation ready when an incident occurs, an incident may never occur and the increased insurance rates will be a waste for you. However, you can’t get rid of your insurance because we all know it’s a safety net for an issue that could occur.
What does this mean for big business?
Overall, savings are going to come from this new reform. From top to bottom, employees will see savings on insurance and business costs, allowing the business to do more with the money they retain, however, benefits may not be as substantial as they once were. As large businesses opt out of the current system, they will be able to determine the benefits they offer, cutting certain injuries and accidents from what they cover.
So, are savings more important than the health of employees? Well, that’s for your business to determine, but you need to be informed as to what changes your company will be making. If you don’t understand the changes they make to your benefits and you get hurt, then you could be left without compensation for unbelievable costs.
What can you do if something goes wrong?
If you get hurt and these reforms have changed your benefits at work, then you may need to speak with an attorney concerning workers’ compensation, especially if you have been wronged in the process. Even if nothing has happened and you just need more clarity, you can speak with an attorney regarding your workers’ compensation benefits and the current reforms.
Here at Johnson & Biscone, we’ll be happy to meet with you and discuss workers’ compensation in Oklahoma, how it’s changed and how it affects you. We’ll be glad to represent you if you have been wronged in such a case and will seek the compensation you deserve. Call us today for a free consultation: 405-232-6490.