Blog – December 2018
Workers Compensation Insurance for Self-Storage Operations
When you think of inherently dangerous workplaces, self-storage operations may not be the first industry that comes to mind. But, as in any work environment, self-storage professionals face a number of hazards that “come with the territory,” including those that can lead to some of the most commonly reported types of workplace injuries. The most recent data from the Bureau of Labor Statistics indicates that there were over 2.8 million reported workplace injuries and illnesses in 2017 of which 882,700 required days away from work. The most common types of injuries reported were sprains, strains, and tears (35%); slips, trips, and falls (26%); and injuries to the back (17%).
Hazards vs. Risks: What’s the Difference?
In order for self-storage business owners to provide the safest workplace possible for their employees, it is important to understand the difference between hazards and risks. A hazard is a situation or thing that has the potential to cause harm. A risk is the potential harmful result of a hazard. For example, a ladder is a hazard, and the risks associated with that hazard include bodily injury from falling off the ladder or dropping something from the ladder onto another person. This is one reason why insurance professionals talk about risk management – actively identifying potential risks associated with various hazards and working to mitigate them.
In an effort to support self-storage operators in their workplace safety efforts, MiniCo Insurance Agency is in the process of rolling out a nationwide workers compensation insurance program specifically for the self-storage class of business. MiniCo’s workers compensation program is underwritten by our A.M. Best “A” rated carrier partner Liberty Mutual Insurance, one of the nation’s leading carriers of workers compensation. Liberty Mutual has built a record of closing claims faster and at a lower cost than the industry average, resulting in fewer days out of work for employees.
Workers Compensation Insurance
Workers compensation insurance helps to assure that injured workers receive medical care and compensation for a portion of the income lost while they are unable to work and helps to protect employers from costly lawsuits. As is the case with self-storage statutes, each state has its own laws and regulations covering workers compensation insurance including issues such as injuries covered, treatment and benefits for injured workers, and required reporting by businesses to the state workers compensation board.
Due in part to the sensitive nature of the coverage as well as the varying requirements of each state, none of which have exactly the same laws and regulations as any other, workers compensation insurance is an extremely complex product. It is critical that self-storage business owners work with their insurance agents to identify potential exposures, review available coverage, select a workers compensation policy from a reputable carrier, and ensure compliance with state statutes.
Contact your MiniCo underwriter for more information or to request a workers compensation quote.
President and CEO