The workers’ compensation claim process is often difficult for employers to navigate. As a way of reducing the cost, complexity, and risk, there are some measures you can take as an employer.
The Nowell Agency specializes in providing comprehensive workers comp insurance. We want you to have the priceless peace of mind that comes from knowing your employees and your business are in safe hands. But it doesn’t stop there. You play a vital role in safeguarding your cherished assets and that comes by employing best workers’ compensation reporting practices.
Knowing what you’re up against if these systems fail is half the battle! Being equipped with knowledge leaves you properly prepared for every possible scenario and lessens any fallout. A most commonly asked question we get is what happens if you don’t report workers comp claims? A number of different repercussions can arise, all potentially leading to the end of your best investments: your employees and your business! Don’t let that happen!
Reduce Workman’s Comp Reporting Mistakes
It’s in your best interest to pay close attention to your state’s workers’ compensation reporting procedures or those of your insurance company. Any slip-up or missing element in the workers comp claims process can spell disaster for all involved. Ensuring you report ALL claims, no matter how seemingly small, and do so in a timely and comprehensive manner will protect your business from risks with workers comp claims.
A large part of your workers comp know-how comes from awareness of the risks associated with not reporting workman’s compensation claims. Explore the most commonly faced complications that arise from failure to report workers comp claims so you can determine how best to minimize these dangers.
Delays in employees’ wage benefits. (As it turns out, prompt reporting is one of the best ways for employers to take control over their workers’ compensation costs. Studies show that employees who report injuries and illnesses in a timely manner can save up to $1 billion annually on lost wages alone!)
Fines from the state workers’ compensation division and/or increased premiums from insurance carriers for late reporting.
Potential workers’ compensation litigation for poor claim management.
Claim investigation issues for insurance carriers.
Increased employer liability and subsequently higher claim costs.
Legal issues if claim reporting is lacking.
Unnecessary medical claims and costs.
Higher health care costs outside the fee schedule determined for workers’ compensation.
Diminished employee morale (employees may feel as though you don’t care about their well-being).
All of these involve repercussions for your employees and your business, potentially even affecting you personally. In reality, it could spell the end of your company and that’s just not worth it. Secure your business’ financial future with a smart and proactive workers comp claim plan.
Workers’ Compensation Claim Questions
Still have questions or concerns? We get it and we’re here for you! Call, click, or live chat with one of our Nowell Agency workers comp insurance brokers today and learn how we can help reduce your risks in the workman’s comp claim arena!
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The Nowell Agency has been my primary agent for many years and they are attentive, well-staffed, and easy to talk to. Their agency has helped me through state to state moves and career change and kept my assets covered.
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The reality of doing business is that your organization is going to face risks. The dangers that threaten your livelihood can result in your business being held accountable for legal and financial responsibilities that can quickly become overwhelming. As a result, many business owners purchase insurance policies for protection against the fallout of such losses. […]