Risk Management
3 Strategies to Manage Workers Compensation Claims
Workers’ compensation costs are incurred for incidents that happen at your facility and can have a powerful impact on your company’s bottom line. According to a study conducted by Travelers Insurance, workers’ compensation claims increase for small employers from June through September.
Outlined below are 3 strategies to consider when helping manage your workers’ compensation claims.
- Implement Safety Programs – Develop a committee that regularly reviews workplace hazards and safety procedures with employees. This committee can also act as an accident review committee.
- Report claims promptly – On average, claims reported more than 10 days after an incident have total incurred values two and a half times higher than claims reported within two days from the date of the incident. After the accident happens, thoroughly document and require witnesses to fill out a report.
- Establish a Return to Work Program – Generally, the longer injured employees remain off work, the less likely it is that they will return. Return to Work programs get employees back on the job sooner.
Even the best loss prevention efforts cannot completely eliminate workplace injuries. While safety programs contribute greatly, cost containment and disability management programs minimize your workers’ compensation claims costs once an accident occurs. In addition to investing in loss control efforts, prepare for claims by establishing and enforcing return to work programs.
