Hi, my name is Karen. Every quarter, I review all of my insurance plans and get multiple quotes to make sure I am still getting the best deals and services. Seriously, my family laughs at me for this obsession. However, in reviewing our policies so many times, I have learned a lot abut insurance. I decided that I wanted to share that information so I started this blog. In particular, I want to help people who are newbies to the world of insurance. If you are a teen driver, a new homeowner or anyone else buying a policy for the first time, this blog is devoted to you. Please read and enjoy!
Workers' compensation is a compulsory and essential form of insurance for businesses with employees. This provides financial protection to the company by covering wage replacement and even medical treatment for workers who sustain injuries within the workplace. Unfortunately, compensation claims can be quite expensive for the business, resulting in reduced profits. Therefore, as an employer, it is important for you to invest in the effective management of this insurance and significant reduction of pertinent claims. Here are simple guidelines to help you manage your company's workers' compensation insurance issues.
Invest in Workplace Safety
You can reduce claims from employees by creating a safe environment for work. While most business owners attempt to create an ideal workplace to minimise injuries, only a few have a comprehensive program dedicated to risk management and safety. In ideal circumstances, you should engage an expert to assess the risks in your commercial building so that you can respond to the specific issues.
You should also have safety protocols in place, particularly with regard to equipment and access to hazardous area in your workplace. These will protect your workers from injury and the business from claims of negligence. It is also important to train employees on different safety aspects, especially when you make changes in the building.
Analyse Injury Patterns
Recurring claims are not uncommon in most industries, but the pattern might go unnoticed due to the passage of time. This means that your business might experience long-term expenses, and the cost of your insurance cover might go up. Therefore, you should periodically study the trends in the insurance claims, find the root cause and prevent further problem. One common cause of recurring injuries is the specific working conditions for some workers.
For example, your heavy equipment drivers might complain about backaches, neck pain and related problems. This is typically due to poor seats, and you can resolve by installing air suspension alternatives. Overexertion is often the cause of sprains and strain, so ensure the workloads are efficient. You should also discuss recurrent claims by employees with chronic medical conditions with your insurance provider.
Investigate All Claims
You should always investigate the claims made by your workers and collect all relevant evidence in form of photos, diagrams, witness statements and supervisor interviews before giving a response. In simple terms, treat every compensation claim as legitimate, even when it appears to be completely fraudulent. If you decline immediately and then the investigation reveals the injury to be licit, you will expose your company to a lawsuit.Share
10 March 2017