High-risk industries play a pivotal role in the way our world operates. Construction, manufacturing, agriculture, healthcare, and beyond are essential to a thriving society. Despite the importance of these industries, however, they can pose unique safety threats for the individuals who are a part of them.
These industries often involve working with heavy machinery, working in hazardous or toxic environments, or immense physical exertion. As a high-risk business owner or industry operator, you know that these working conditions make it even more important to protect your workers in the event of an accident on the job.
While workers’ compensation is crucial for high-risk industries, there may be challenges to getting the coverage you need. Let’s take a look at why customized payroll solutions are necessary as well as how to tailor workers’ comp payroll for high-risk industries.
The Need for Customized Payroll Solutions
Customized payroll solutions can be incredibly beneficial when it comes to high-risk industries. Not only do these jobs require a great deal of training, but they’re also often completed on a project-by-project basis—which means traditional workers’ compensation may not make sense.
Working project-to-project
Many high-risk jobs—like trucking and transportation, or construction work—are done one project at a time, rather than on a full-time set schedule. Traditional workers’ compensation typically takes a one-size-fits-all approach. When your employees work project-to-project, traditional workers’ comp may mean paying for more than you need.
Taking risks into consideration
High-risk jobs often require physical exertion or involve working with heavy equipment or in hazardous environments. It’s imperative that your workers understand these risks as well as how to navigate them safely while at work. In addition to proper training, workers’ compensation coverage should be appropriate for the risks involved at work. If an accident does occur on the job, keeping your employees protected should be the top priority.
Navigating Compliance
Compliance with rules and regulations can be challenging for high-risk industries. Often within these industries, workers travel across state lines temporarily to complete the job at hand. Workplace safety is essential, but it can be difficult to keep up with ever-changing laws that differ from state-to-state.
How to Tailor Workers’ Comp Payroll for High-Risk Industries
High-risk industries often require customized solutions to workers’ compensation insurance. How can your business tailor workers’ comp to meet the specific needs of your team? One effective way is by partnering with a professional employer organization—or a PEO.
Pay-as-you-go programs
PEOs offer pay-as-you-go workers’ compensation programs that are specifically designed for your organization and employees. Because PEOs work with many different clients, they’re able to pool everyone together to get great coverage at more affordable rates.
Pay-as-you-go programs are perfect for industries that often work on a project-by-project basis rather than a full-time set schedule. Working with a PEO helps ensure high-risk industry workers get the coverage they need, without paying for more than what’s necessary.
Risk mitigation
Risk management is another great benefit of working with a PEO. PEOs offer safety training programs during the onboarding process for new hires, as well as for existing employees throughout their time with the company. This helps new team members feel comfortable and ready to jump into work, and it helps keep your existing workers up-to-speed with current safety practices.
PEOs can also provide safety assessments so that businesses can clearly see where their strengths and weaknesses are in terms of creating a safe work environment. The results of these assessments can then be used to implement training programs that are aimed specifically at improving safety in weaker areas.
Conquering compliance
Remaining compliant with state and federal regulations is important not only for avoiding fines and penalties, but also for keeping your workers safe on the job. PEOs specialize in compliance. Because they aren’t limited to one location, PEOs have a firm understanding of state-specific regulations when it comes to workplace safety and workers’ compensation. When you partner with a PEO, you can rest assured that your business will remain in compliance no matter where your workers are located.
Ensuring Safety and Compliance with Customized Solutions
Customizing workers’ comp payroll solutions is essential for high-risk industries. If you’re ready to get support in tailoring your workers’ compensation to meet the needs of your business, reach out to the experienced team at OCMI workers’ comp today!
