How long you wait to notify your workers’ compensation insurer of a workplace injury can significantly affect the cost of that claim.
When your premium is calculated, your carrier takes into account the cost and frequency of prior claims during the past few years.
In short, by improving your organization’s injury notification times, you can also positively affect the cost of the claim, which can help reduce your overall workers’ comp premiums going forward.
The numbers speak for themselves.
A National Council on Compensation Insurance study looking at the cost of a claim based on the delay between incidence and notification found that the longer an employer waits to file a workers’ comp claim, the costlier it becomes:
- A two- to three-week delay increases the cost by 13%,
- Four to six weeks increases the cost by 25%,
- Seven to 12 weeks ups the cost by 34%, and
- More than 12 weeks increases the cost by 91%.
Why does early reporting work?
The sooner medical treatment begins, the better the outcome.
For a workers’ compensation claim, the sooner your insurer knows about an injury to one of your workers, the sooner they can start collecting information and plan for appropriate treatment options.
If medical treatment is delayed, the more likely it is that costs will mushroom, both in terms of medical costs and lost time from work, which needs to be compensated.
If you notify your carrier when an injury occurs, and they can arrange for the worker to begin medical treatment, the length or severity of the treatment program will likely be less.
For the injured worker, this means a shorter recovery time, a better prognosis for general health and return-to-work outcomes, and a more positive attitude toward their injury and the workplace.
For you as the employer, this translates to less money allocated to covering wages and treatment for the injured worker and less disruption to your workplace to cover their duties.
Claims reporting tips:
- Develop internal procedures for reporting injuries. Ensure your staff knows the importance of reporting injuries immediately and your reporting procedures.
- Don’t question employees’ integrity when they report an injury.
- Understand the legal requirements for reporting workplace injuries.
- Report a claim immediately after learning about it.
- Encourage safe work practices and ensure employees know and practice proper safety techniques.
- If an injured worker has partial capacity, you can provide alternative duties while they heal. This can have a positive impact on potential disability levels and on the premium effect of lost time.
BGES Group is one of New York, New Jersey, and Connecticut’s Construction Insurance Specialists representing 50+ companies, including all the BEST general & umbrella liability programs. We offer all the coverage needed, including property, builders’ risk, inland marine, general liability, umbrella liability, auto, bid & performance bonds, workers’ compensation, N.Y.S. disability, and group health. Our commitment to you goes beyond the policies we provide. We are always just a call, text, or email away, ready to assist you, even on weekends. We understand the importance of your business and are here to help you navigate any insurance challenges.
BGES Group are Workers’ Compensation Insurance Specialists for Tri-State Business Owners: Unhappy with your rates, company, being canceled, losses causing difficulty getting coverage, in the middle of an audit dispute, misclassified payrolls, or whatever your issue. We can help! We have special programs for Auto Services, Contractors (especially in New York), Limousine Services, Logistics Companies, Manufacturers, Recyclers, and Truckers; we can help ANY tri-state business owner. We are considered “Preferred Agents” for this one program that, if we can get you into, their pricing is excellent, offers long-term coverage stability, and can cover multi-state operations. The program takes the hassle out of doing annual audits, too.
If you would like to speak with us, call Gary Wallach at 914-806-5853, click here to email, or visit our website.
Company: BGES Group, 216A Larchmont Acres West, Larchmont, NY 10538
email: bgesgroup@gmail.com
website: http://www.bgesgroup.com
© – Copyright – 2024 – BGES Group