Doctor Claims
Insurance Claims
Solutions
Claims advice and guidance by Doctor Claims
.CClick here to register for Doctor Claims Newsletter.
Insurance Claims Go To Your Bottom Line!
The Costs of insurance claims are now directly impacting insurance premium in several components of the typical business insurance program. In the past, many employers, particularly those in heavy metal trades and construction, looked at insurance premiums as a necessary evil that was just a cost of doing business. These business owners calculated that since they had no control over the insurance costs and because it was not a particularly large component of their operation, they might as well ignore, or in some cases go without it.
By extension, the same attitude applied to claims, particularly work comp claims. They were a just a part of doing business and it was better to let the insurance company worry about them as It wasn’t worth the time and effort to do anything about them. Besides, they were going to happen anyway. In any case, both management and fellow employees looked down on workers who filed a claim. Most workers felt they might either loose their job or be ostracized by co-workers for not working in spite of a little pain. There was also a tendency by employees to avoid reporting property damage incidents for fear of being found responsible for repayment and/or being fired.
It doesn’t work that way anymore. Many workers are now inclined to “enhance” their injuries to maximize the amount of lost time and settlement payments they receive. As a result, the insurance companies have become somewhat creative in the methods they use to reduce these costs or in some cases, shift them back to the employer. Methods for doing so include “return-to-work” programs, safety and loss control reviews, inspection of the employer work sites, training for loss reporting and claims monitoring, and adjustments to the employer’s insurance premium through experience rating techniques and reduction in credits. So employers like you need to be insurance “savvy” if you are to survive these challenges.
Fortunately, there are effective methods that every employer can use to negotiate these new hurdles and keep their company profitable. We will consider many of these methods on this website, and by utilizing some new ideas and working closely with your insurance agent or broker, you will find your way through this costly quagmire.