Maximizing the Returns You Get From Your Workers Comp Insurance

How you can get the most out of your workers compensation insurance program.

Currently, almost every state in the U.S. requires businesses to carry some minimum level of workers compensation insurance.  While this mandatory coverage may seem like a drain on your business’s resources, having this coverage benefits you in several ways.  If you want to make the most of your workers compensation program, then here are some of the things that you should do.

  • Understand Everything That Your Policy Does for You

While many business owners know that they need workers compensation insurance, this is where their knowledge ends.  However, if you want to maximize your insurance policy, then you need to know exactly what it can do for you.  To start, workers compensation insurance will cover the cost of treating an injured employee.  This includes the cost of surgery, doctor visits, hospital stays, and so on.  Additionally, your insurance can be used to cover the cost of helping an injured employee recover.  This includes the expenses related to rehabilitation, therapy, recovery equipment, etc.  As your injured employee recovers, your workers comp insurance will also make up for a portion of the employee’s lost wages, offering a sense of financial stability while they are unable to work.  However, your workers comp coverage can also be used to protect you if an injured employee sues your business.  When an injured employee decides to sue, they must waive their right to workers compensation benefits.  At this point, the money can be used to pay for your company’s legal fees and, if necessary, settlement costs.

  • Report Employee Injuries Promptly

Your workers compensation insurance is there to help you cover the costs associated with an employee’s injuries.  Because these costs are so high, the last thing that you want is to have to cover the expenses on your own.  However, if you fail to report a workplace injury to your insurance company promptly, then you risk not being able to access the coverage that you need.  Most states require businesses to report claims by a certain deadline.  If you miss this date, then you cannot access your workers compensation insurance.  To ensure that you get the coverage that you need, you should report workers compensation claims as soon as possible.  The quicker you contact your insurance provider, the quicker you can get the money you need.

  • Preserve the Accident Scene

Once you report the claim to your insurance provider, you need to take steps to preserve the scene where the accident took place.  This way, when your insurance company sends a claims adjuster to investigate the claim, the adjuster can get an accurate picture of what happened.  During the investigation process, you should do what you can to assist your claims adjuster.  By providing relevant information and documentation and connecting your adjuster with witnesses, you can help them gain a better understanding of the factors leading up to the employee injury.  The better your adjuster understands the situation, the better your chance of securing enough coverage to address the full costs of a workplace injury.

This is what you can do to make the most of your business’s workers compensation insurance.  Do you have more questions about your business’s coverage needs?  If so, then contact the experts at PMC Insurance Group.  Our dedicated team is eager to assist you with all your commercial insurance needs today.

By PMC Insurance Group

Since 1996, PMC Insurance Group has worked to help independent agents grow their client base by offering workers' compensation solutions for a wide array of businesses. As one of the most distinguished workers' compensation wholesalers in the country, we have the tools and resources to help you create coverage programs for both small businesses and large accounts.