Reducing or eliminating workers’ compensation claims is critical to the long-term success of any company.
This requires companies in all industries to plan and take preventative measures. A top cost-reduction strategy for employers is prompt notification and reporting.
Reducing Costs Related to On-the-Job Injuries: Timely Notification
Encourage employees to report all injuries within 60 minutes. It’s important to work this into company culture and regularly remind employees of this policy.
When the employee reports the injury immediately, your designated claims coordinator can begin the claim management process sooner and more efficiently. Claims that are reported within 24 hours of an incident receive the following benefits:
- Earlier investigation
- Direction of medical treatment
- Timely contact with the injured employee and eye witnesses
- Lower claims costs
Did you know? Injuries reported within two weeks of occurrence are 18% more expensive than those reported within one week of occurrence, and injuries reported between 4-5 weeks can be up to 45% more expensive.