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Understanding
workers comp
Before an injury occurs
After an injury occurs
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Workers comp
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Your company profits in the long run
Prompt reporting of workers compensation claims—within five days of
an injury—can save your company up to 22% on settlement costs compared
with claims reported later.
Just look at the difference in total claim costs that just a few days
can make, and you can see why Harleysville encourages all of our
insureds to not only report all claims within 5 days—but to notify the
company of any job-related injury within 24 hours!
Report claims early for a
better bottom line!
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Impact of prompt reporting on workers comp claim costs
As the graph shows, workers comp claims reported >7 days after a
workplace injury typically average nearly $3,000 more than those
reported within 1-5 days.
Impact of claim costs on workers comp premiums … and
overall financial performance
Now, let’s say your business—Company A—has 10 workers comp claims in
the coming year, and you report them all to Harleysville within 1-5
days. Company B, on the other hand, files 10 similar claims—but it takes
them >7 days to report each one.
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Here’s what you’ll find at the end of the year …
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Your total medical costs will be less than Company B’s by nearly
$30,000. |
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Your experience modification may be significantly lower than
Company B’s. |
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Your annual premium for the coming year may be significantly
lower than
Company B’s. |
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Because of the positive impact of your lower medical costs
during the year, your annual premiums for the next 3 years
will likely be lower than Company B’s. |
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All other things being equal, because you’re paying
significantly lower workers comp premiums than Company B, your
company’s bottom line will be significantly healthier than theirs. |
What a difference just a few days can make!
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Other benefits to your company
Besides claims and post-injury costs, prompt claims reporting also
provides many other advantages to employers and workers alike.
Employers benefit through …
- Improved employee satisfaction
- Improved productivity
- Improved customer service
Injured workers benefit from …
- Quality medical care
- Prompt payment of benefits
- No out-of-pocket costs for prescriptions and medical equipment
- Disability and rehabilitation assistance
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The importance of effective
communications
From explaining your company’s workers compensation
program to your employees—to keeping in touch with them after injuries
occur—effective communication is an essential part of reducing
disability losses and managing claim costs. Harleysville’s approach is
to build employee awareness through communications that: |
- Encourage employees to report all job-related injuries
immediately to your company’s designated injury coordinator.
- Help injured employees receive quality medical care through a
panel of preferred physicians and other healthcare providers.
- Inform workers of their legal rights and benefits so they won’t
have to resort to hiring an attorney.
- Support early return-to-work assistance through the use of
alternative duty to help restore workers’ productivity.
Minimize the risk of future work site
losses through effective loss control.
Questions?
Contact your independent Harleysville agent with
questions about any of the information provided in this section—or in
other parts of our claims site. Don’t know the name of your company’s agent? Call Harleysville’s
customer support staff at 866.577.9040.
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