It is important to report all insurance claims promptly. The ever rising cost of claims poses a serious threat for employers. However, following some simple strategies can reduce claims cost significantly. Early reporting of claims is considered as a wise business decision. The earlier an accident claim is reported, the lesser the claim cost is likely to be. In this article we will discuss the importance of promptly reporting claims.
Work related accidents such as tissue damage, burns, trips, falls, fractures, loss of sight or loss of limbs can happen anywhere to anyone. However, such accidents can be prevented if proper measures are taken to eliminate dangerous work conditions prevalent in a workplace. Therefore, it is critical to investigate any and every accident occurring within the workplace.
An initial accident investigation is essential because—
Workers Compensation Laws are introduced to ensure that if an employee gets injured while at work, he/she will receive a compensation for replacing medical costs and lost wages. Each and every state has its own Workers Compensation Laws and they offer several benefits such as—
- Medical benefits that include travel cost including medication, hospital stays, etc.
- If the injured employee is not in a position to return to his original field work, he/she is assigned in a different field.
- If the injured employee becomes disabled, temporarily or permanently, he gets paid time off work.
The most frequent workers compensation claims are as follows:
ROR letters, also known as reservation of rights letter can often be alarming and may leave you feeling distressed, angered or confused. In this article, we will explain how you should handle ROR letters from Insurance Companies.
A reservation of rights letter doesn’t signify that the insurance claim is not covered; however, it does indicate that there is some problem lurking over your insurance coverage. It implies that your insurer thinks that there might a strong reason to possibly can deny insurance coverage for a certain part of your insurance claim. It may take months for an insurer to know if the insurance coverage actually exists. Continue reading
Unnecessary losses automatically inflate costs. In order to keep an organization’s expenses competitive, it is critical to measure and mitigate risks in order to trim down the frequency of accidents. Therefore, a long-lasting and efficiently communicated loss prevention program is crucial for risk mitigation. Loss prevention indicates the identification, analysis and implementation of various techniques required for handling loss and other emergency situations. Such steps help you diminish the chances of unanticipated losses such as thefts, injuries and damages caused by natural disasters like earthquakes or storms.
In this article we will shed light on some of the latest trends in loss prevention. Continue reading
As you evaluate your choice to outsource various components of your operations, you will need to consider the advantages of outsourcing. Outsourcing actually helps your company to grow and save money. There are other advantages of outsourcing that go beyond money though.