One of the keys to keeping the costs of a workers’ compensation claim from spiraling out of control is prompt claims reporting.
Claims are routinely filed late, either by the injured worker who fails to report it to the employer, or the employer dawdling or procrastinating and not reporting the claim to its insurer. Either way, those delays result in delays in treatment, which can exacerbate the injury, leading to additional medical care and higher costs.
In fact, a 2015 study by the National Council on Compensation Insurance (NCCI) found that the average claims for workplace injuries that were reported four weeks after the incident, ended up costing nearly 45% more than claims that were reported in the first week after injury. Waiting to file claims three to four weeks after the injury ended up costing 29% more.
The message for employers is to require prompt reporting of workplace injuries and to immediately report an injury as soon as possible after you are made aware of it. Those added claims costs, while originally borne the insurer, can come back to haunt you in the form of higher premiums during your next policy renewal. Reporting Workers’ Comp Claims Late Can Push up Cost Nearly 50%