Minimizing risk is a must when it comes to running a business. Legal risks can lead to costly lawsuits and could even result in the dissolution of the enterprise. Risk management counseling with a skilled specialist is one way employers can ensure that they are covering their bases when it comes to staying afloat in the business world, and both employers and employees benefit from risk management. If you need counsel to explain your workers’ compensation risks in Los Angeles or anywhere else in southern California, the attorneys at Sacks & Associates are available for a consultation.
By seeking out risk minimization counseling, you can take the reins over legal risks to your business. An attorney who specializes in workers’ compensation defense can help you learn more about the laws and how to navigate a workers’ compensation defense case if necessary. By becoming informed about these legal risks, you can make well-informed decisions—decisions that could impact the future of your business.
Employers are constantly having to consider costs when evaluating what is right for their businesses: supply and demand, the costs of labor, the cost of products, and overhead costs. Another cost that each employer should take into consideration is the cost of carrying workers’ compensation insurance vs. the cost of a lawsuit if an injured employee should decide to take legal action.
Insurance costs are set, lawsuits can be costly
While workers’ compensation insurance premiums are set each year and remain steady, the costs of a lawsuit are impossible to accurately estimate. When workers’ compensation insurance is carried, an injured employee can apply for benefits and receive compensation for medical costs and a stipend to make up for lost wages, meaning the costs are calculable. However, when an injured employee takes legal action, the costs can end up being ruinous for uninsured employers. For most employers, the benefits of carrying workers’ compensation insurance outweigh the risks because of these factors.
If you are interested in learning more about workers’ compensation risk management for your business, contact the expert attorneys at Sacks & Associates for a free consultation. We offer risk management counseling services so that businesses can the proactive approach and shore up their legal protections while reducing the risk of being brought into a costly lawsuit by an injured employee. Call today to discuss your concerns with one of our attorneys.