4 Ways An Employer Benefits From Reporting Workers’ Comp Claims Quickly
- Posted on: Aug 31 2023
Unfortunately, a reality among many workplaces are injuries. This is especially true when the industry is high-risk such as the transportation, manufacturing, and construction industries. No matter which industry you work in, there will be accidents. Because of this, reporting an accident quickly is both important and beneficial to the employer.
1. Employee Trust is Maintained
It is believed that very few employees feel confident that their well-being is cared about. It Is also believed that very few workers will look for new employment and that they will remain engaged. When a company does not report the workers’ comp claims quickly, they may begin to notice low employee morale, which may send a message that their safety is of no concern to the employer. This is especially true when it comes to the current job market, where the reporting of claims quickly helps a worker to feel protected.
2. Permits Investigation
When investigating, it is important that evidence be preserved so that fraud can be prevented. This means the insurance company should be able to investigate quickly following an accident occurring at work. However, fraud takes place and results in billions of dollars being fraudulently filed and collected on a yearly basis. When a claim is reported quickly, the company is able to investigate the claims thoroughly and benefits can be approved for authentic claims.
3. Costs Can Be Reduced
By reporting claims quickly will reduce the cost of providing workers’ comp to employees. When an injury actually takes place and the employee continues to work, their injury can worsen or cause a secondary injury. If this happens, more challenges and expenses will be experienced by the company. When quick reporting takes place, the worker has access to the needed care so they can return to work as fast as possible.
4. Penalties for Late Filing Can Be Avoided
OSHA requires every business to report any illness or injuries that take place on the job. If not, then the company will be penalized with late fees. When late filing takes place after the required cutoff time, the amount in fees can be in the thousands. If the reporting is improper, then it can also cause a problem for businesses. The laws that are in place need to be understood by the company and to ensure that claims are submitted in time so fees can be avoided. Not only will the company stay within the window for reporting, but the fines can be avoided.
Regardless of what the benefit is concerning the workers’ comp claim, it is important that the claims are reported quickly in order for the business to remain successful. A business should be aware of the required processes of the insurance company prior to an injury taking place so that they know how to go about with the injury. To find out more, get in touch today.