Learn how immediate claims reporting will help you save on workers compensation insurance.
If an employee gets sick or is injured on the job, then you know that you must file a claim with your workers compensation insurance. However, did you know that the turnaround time between an employee accident and the filing of your claim has a major impact on the overall cost of the claim? Read on to learn how prompt claims reporting can help reduce your workers comp insurance costs.
Expedited Recovery Process
The sooner you report a workers compensation incident, the sooner your agent can begin the claims process. Jumpstarting the claims process will ensure that you can get your employee the timely medical care that they need. The faster your employee receives treatment, the faster they can get back to work. Naturally, the shorter an employee’s recovery time, the lower your workers compensation insurance costs will be.
Avoidance of Legal Issues
When you report workers compensation claims in a timely manner, your insurer has the opportunity to speak to your employee and address any concerns that they might have. For instance, your insurer will discuss the benefits they are entitled to and walk them through the recovery process. When you delay telling your insurer, your employee might become concerned about their coverage. As a result, they might hire a lawyer and sue you for their damages. This will lead to a drawn-out legal process that will take considerable time and money. So, to avoid this costly outcome, make sure you report claims quickly and give your insurer a chance to explain to your employee what they can expect from their workers comp benefits.
These are the main reasons why prompt workers compensation claims reporting will save your business some money. Do you have further questions regarding your workers compensation insurance costs? If so, then contact the experts at PMC Insurance Group. Our professionals are ready to assist you with all your commercial coverage needs today.
