Here’s why it’s important to report workers compensation claims in a timely manner.
As a business owner, you should already have the proper workers compensation insurance in place. However, simply having this type of coverage isn’t enough to protect your workers and safeguard your company’s assets. When a workers comp claim does arise, it’s also vital that you report the claim in a timely manner. Here’s why prompt claims reporting is important for your business.
Secure Medical Treatment
When you quickly report an accident to your insurance provider, your agent can help you get the injured worker the medical attention they need. Your representative will help you find a good, in-network healthcare provider that will provide good treatment while helping you save on medical expenses.
Reduce the Chance of Litigation
Another reason why you should report workers comp claims in a timely manner is that your insurer can quickly reach out to the injured party. They can address the injured worker’s concerns and clear up any misperceptions that they might have. This, in turn, will reduce the chances of the injured employee pursuing legal action against your company.
Start the Investigation
The sooner you report an incident, the sooner your workers compensation insurer can launch an investigation. This will give them the opportunity to obtain statements before details are lost or stories are changed. This will help you get a clear idea of how the accident occurred and will help you prevent similar incidents in the future.
Meet Reporting Deadlines
Prompt claims reporting ensures the accident is actually investigated before your insurer approves or denies coverage. Reporting in a timely manner ensures you do not have to pay “late reporting” penalties some state entities issue.
This is why it’s important to report workers compensation claims in a timely manner. Do you have further questions regarding your business’s workers compensation insurance? Then turn to the experts at Contractors Insurance Agency. We are ready to assist you with all your coverage needs.