Businesses, no matter how big or small, don’t want to take time to think about an employee falling ill or having an injury as a result of their job duties. Once an injury occurs it’s imperative for the employee to report the issue to their employer and the workers’ compensation company immediately. If not, claim lag can take over and be a major issue for both employee and employer.
Claim lag, which is the period of time between the date of an incident and the date a claim is made, isn’t the only issue businesses need to worry about either. In Florida, for instance, workers’ compensation costs have seen an increase in recent years. With this in mind, companies have to be more diligent about investing in local coverage like Orlando workers’ compensation insurance.
Additionally, it’s important to know why workers’ comp claims need to be made as soon as possible. Here’s a look at the consequences of late reporting.
Issues with Reporting Claims Late
Each day that passes with the claim remaining unreported increases the costs. For example, a claim that are reported even a day after an injury can shoot the costs up more than 33 percent. And finances aren’t the only thing that can be negatively affected by a lag in reporting a claim. If, for some reason, an employee feels like they cannot be upfront and report an injury to their employer for fear of losing their job or being intimidated then morale, transparency, and trust can sink at the workplace.
Preventing Reporting Lag
There should be a claims reporting process already set in stone at every business, no matter the size or industry. All employees should be educated with hands-on information and training procedures in relation to claims reporting. When it comes to who’s responsible for who’s in charge there should already be a delegating outline written down, giving the duties to someone in particular and designated backups.
Some employees may feel unsupported when it comes to reporting or even intimidated when it comes to reporting any issue in a timely manner. A reluctance in reporting issues is usually related to an employee feeling they’ll lose their job due to their injury or that they’ll be docked pay or work in the meantime. Businesses should encourage their employees to report any issues in a timely fashion, which will only bolster trust and confidence inside a company.
About Newman Crane & Associates Insurance
Deciding what coverage you need and what limits and deductibles make the most sense can be tricky. Since 1965, Newman Crane & Associates Insurance has been helping Central Floridians make sense of their options and make the smartest choices for their circumstances. Whether you need Warehouse Insurance or any other type of business or personal coverage, we encourage you to contact our friendly, experienced, and capable team today. Call us at (407) 859-3691 for a consultation.