Time is Money
You know that feeling when you’re running late to work? To your kid’s baseball game? To Thanksgiving dinner? Yeah. It’s not the best feeling to have. Even worse is the feeling that being late has cost us money. Whether it’s an overdue library book, a late fee for a past due bill or booking fees for a missed flight – we all hate the feeling that comes with being wasteful.
Did you know the same applies when reporting injuries to your insurance carrier? One of the responsibilities of the insured is to report claims or situations that may give rise to a claim in a timely manner. The sooner a carrier is notified of a loss, the sooner the adjuster can complete thorough investigation and if appropriate, coordinate medical needs and potential return to work.
The proof is in the numbers. Time is money. Take a look at the benefits of early claims reporting as reported by Business Insurance:
- Lost time claims reported 8-14 days after injury were 18% more expensive those reported 0-7 days from incident
- Lost time claims reported 15-21 days after injury were 29% more expensive than those reported 0-7 days from incident
- Lost time claims reported 22-28 days after injury were 45% more expensive than those reported 0-7 days from incident
However, timely reporting doesn’t stop there. It also should include documenting internal workplace incidents in which no injury occurred, but could occur in the future. Did someone slip but not injure themselves? Does that wobbly piece of machinery pose a threat to employees?
Having an internal process to investigate both incidents in which injury occurs as well as “near misses” can assist in prevention of future claims. As an added benefit, you then have the ability to make corrections in processes and procedures to potentially eliminate a hazard and avoid potential future injuries. A win-win, right?
Don’t hesitate after an injury, pick up the phone. You could save your organization a lot of time and money in the long run.
In the meantime, check out our Indirect Cost of Losses Calculator to see how costs to compensate a replacement worker, investigate the accident, implement corrective action and schedule delays are impacting your organization’s bottom line. It’s more than you think!
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