Here are some of the many reasons why timely claims reporting is important for your business.
If you run a business, then you should already have the right workers compensation insurance in place. However, simply having this type of coverage is not enough to adequately protect your employees and your company. When a claim arises, it’s also incredibly important that you respond with timely claims reporting. Here’s why prompt claims reporting is integral to the overall claims management process for your business.
- When you quickly report an accident to your insurance provider, your agent can help you ensure that the injured employee gets treatment from a good, in-network healthcare provider. Not only will this ensure that the employee’s injuries are properly addressed, but it will also help you get the biggest discounts on their medical costs.
- Promptly reporting a claim will help address an injured worker’s concerns and clear up any misperceptions they have regarding workers compensation. This reduces the chances of the injured worker pursuing legal action against your company.
- Reporting a claim in a timely manner allows your claim representative to immediately begin the investigation process. They will be able to obtain statements from the injured worker(s), witnesses, and you before details are lost, stories are changed, or legal representation is sought.
- Quickly reporting an accident to your insurer will ensure that you give your agent the most vivid account of the incident. The sooner your representative has the facts, the sooner they can document the incident and, if applicable, seek third-party recoveries.
- As many states require that claims be denied within a certain time frame, prompt reporting ensures that you meet this deadline and ensures that your insurer actually investigates your claim before making a decision.
- Reporting claims in a timely manner ensures that you do not face “late reporting” penalties issued by state entities.
These are some of the reasons why it’s so important that you report workers compensation claims in a timely manner. Do you still have questions regarding your business’s workers compensation insurance? Then don’t hesitate to contact the professionals at PMC Insurance Group. Contact us today to learn more about getting competitive coverage for your small business clients.