How Vaccine Mandates Affect Business Risk

How Vaccine Mandates Affect Business Risk

Multiple factors in the business world have been turned on their head over the past couple of years. Form prolonged closures to shifting mask mandates or capacity limits to remote working policies. Vaccine mandates are adding a whole new layer to the chaos.

They are also affecting the risk profiles of businesses, in both positive and negative ways. Businesses should not underestimate vaccine mandates impact on workers comp policies. Consider these ways they are connected.

Improved Safety

In many ways, mandating all employees are vaccinated will provide a safer work environment for everyone. It also means fewer missed days due to illness associated with COVID-19, so you are less likely to experience severe staff shortages. This often translates into fewer accidents and injuries at work, which can help lower workers’ comp rates.

Increased Risk

Unfortunately, a safer workplace isn’t the only effect of vaccine mandates. They can also have negative consequences. For starters, mandates have contributed to increased lawsuits from employees. These may be related to infringement on personal liberty or adverse effects associated with getting a vaccine. Your business may also be responsible for any medical treatment that is needed after a vaccine is administered. These could negatively impact your workers’ comp premiums.

Vaccine mandates are increasingly common in businesses of all sizes. You should be aware of how they will impact risk and workers’ comp policies before developing a formal policy