Workers’ compensation insurance acts as a crucial safety net, offering protection to both employees and employers when illnesses or injuries happen. Workers’ compensation coverage pays for things like medical expenses and lost wages when employees become ill or injured at work. It also covers death benefits and disability in the worst-case scenarios and employer liability for work-related injury or disease.
There is no one-size-fits-all workers’ compensation policy, as each state sets its requirements for this complex coverage – and just having the required coverage may not be enough to support your business goals. Choosing the right partner will satisfy state requirements, protect your financial position and help support employee well-being.
Here are a few things that can elevate your claims experience beyond basic state-required coverages.
Does your insurance company provide top-notch customer service?
Workers’ compensation insurance is complex, dealing with health care, state regulations, and the emotional side of injury or illness. Your insurance company should provide you and your employees expert guidance to navigate through all the steps. How long does it take your insurance company to return your phone calls? Does it have dedicated claims adjusters who handle workers’ compensation claims? You may want to look for an insurance company that provides same-day contact from a caring adjuster, who will work with you until the claim is closed.
Does your insurance company provide services to help employees receive the proper care and return to work?
For small businesses struggling with labor shortages, lost time due to illness or injury can be challenging. Find a company that offers a transitional return-to-work program to bridge the gap between injured workers’ existing work capabilities and what the employer can provide by working with local nonprofits to place workers into temporary positions.
Does your insurance company help you reduce risk?
Some insurance companies provide loss control services as part of their workers’ compensation policies. Loss control uses a proactive approach to risk management, which helps create safer and more efficient workplaces, ultimately reducing claims and enhancing overall profitability. You’ll want to look for an insurance company whose loss control department also provides post-loss services, including individual claim investigations and trend analysis, to empower businesses to adopt a proactive approach to prevent future accidents.
Does your insurance company help you manage costs?
Using loss prevention services, return-to-work programs and nurse helplines can translate to significant savings for customers by reducing incidents, lessening the severity of incidents and reducing lost time. Medical costs are often difficult to understand and navigate. Initiatives such as a managed care program that features a preferred provider network with negotiated discounts, a meticulous bill review program, and a pharmacy benefit program also translate into significant savings for customers, further reducing their insurance costs.
Workers’ compensation insurance helps small business owners navigate the complexities of risk management before, during, and after incidents to help them become more efficient, safe, and profitable.
By: BrandPoint (Edited by d-mars)
