bharatbhasha.com
Free Articles  >>  Business And Finance >>  Page 1488  >> 

Effective Ways to Reduce Workers Compensation Claims and Related Costs





Workers' compensation insurance safeguards the employees, injured in the course of employment. In many states of US, it is a mandatory policy and is required by every company with employees.

Despite of all the preventive measures, instances of workplace injuries are increasing every year, forcing the business owners to spend huge amounts on compensation claims. According to U.S. Bureau of Labor Statistics (BLS), nearly 3.1 million non-fatal workplace injuries and illnesses were reported among private industry employers in 2010.

Hence, it is necessary for every employer to implement effective safety measures, not only to reduce compensation claims, but also to improve workplace safety and employee security.

Employing a comprehensive program, tailored to suit the organization's specific needs and goals, helps the organization decrease the frequency as well as the severity of injuries at workplace. Following are few ways that can help you in establishing a risk free workplace, which further aid in reducing workers' compensation claims and related costs.

Implement risk controlling measures
Employees working in industries, manufacturing plants, construction sites, etc., are often prone to on-job injuries and accidents. Working with heavy equipment using hazardous material raises employee safety concerns. Hence, every employer needs to follow a series of steps to improve workplace safety. These steps include - risk identification, risk assessment and risk control.

• Risk identification is identifying the possible hazard/risk. A hazard is anything that could hurt the employee or any other third party. For example, damaged or frayed electric cables are potential sources of accidents at workplaces.

• Risk assessment involves finding of all the potential outcomes of identified risks/hazards and the seriousness of the damage they could cause. In the above mentioned example, frayed electric cables, the harm could be an electrical shock.

• Risk control is nothing but fixing the hazards. The employer should eliminate the hazard; if not, should at least try to make hazards less dangerous. Replacing the damaged electric cords with new ones is one of the risk control measures to avoid electrical shocks.

Risk controlling measures vary according to the nature of the vulnerabilities. However, effectiveness of any step lies in proper review and implementation of safety measures on a regular basis.

Provide safety training to the employees
The next best way to reduce workplace injuries is by emphasizing on-job safety during training. Provide safety training to all the employees about safe handling of equipment, possible risks in the workplace, company safety rules and procedures, emergency procedures (usage of fire extinguishers, etc.), importance of personal protective equipment required on the job, etc. This kind of training helps employees acquire all the skills and knowledge required to be safe in the job location.

For instance, if a worker's job involves working with sharp objects like broken glass, rusty metals, etc., his potential risks would be cuts and punctures on the skin. These risks could be avoided by providing hand gloves, and by offering an effective training on how to handle such things safely.

Be aware of the fraudulent claims
Insurance fraud occurs when the employees purposely provide some false information to receive the benefits of the claim. According to the Coalition Against Insurance Fraud, insurance fraud costs consumers, employers and insurance carriers at least $80 billion each and every year. Among which, worker’s compensation insurance fraud alone accounts for a considerable percentage.

Use efficient software to track claim costs
Automating and tracking your workers' compensation claims process is another best way to reduce claim costs. Using effective claims management software eases your work as well as makes the process more accurate. With the help of such software you can instantly see all the expenses by the employee, type of injury, etc. It thus helps you save time and money besides taking control of your workers' compensation claims.

A comprehensive workers' compensation program always helps your organization do much more than simply saving the claim costs. It makes your workplace safer, secures employees and finally saves your organization from fraudulent claims.
About Author Nate Rodney :

JDi Data Corporation has provided <a href="http://www.jdidata.com/JDi/index.asp" target="_blank">insurance claims software</a> since 1992. JDi Data offers web based <a href="http://www.jdidata.com/JDi/index.asp" target="_blank">workers compensation software</a> and also claims systems for insurance claims departments, third party administrators and risk managers to administer property, casualty and general liability claims. JDi Data has built a reputation in quality claims management software with special emphasis on specialty lines and complex litigation.


Article Source: https://www.bharatbhasha.com
Article Url: https://www.bharatbhasha.com/finance-and-business.php/357235


Article Added on Wednesday, March 21, 2012
LD
Other Articles by Nate Rodney

Benefits of Workers Compensation Software for High Risk Businesses
A high risk business environment should address safety and health concerns of the people working in it. Industries such as construction and mining are considered as high risk businesses, as their workplaces are highly prone to accidents. Hence, these businesses are highly susceptible to face compensation claims by the employees, making employers spend huge amounts on worker's compensation claims. In such cases, workers' compensation claims management software is highly helpful. This easy to...

The Importance of Claims Management Systems for Small Businesses
Aside from generating profits, the immediate concern for small business owners is to ensure their workplaces remain accident free. Accidents result in claims, which are a burden to any organization, small businesses in particular. Managing the data (processing, analyzing, compiling and generating reports) of the registered claims manually requires lots of effort, expertise, and most importantly time. As small businesses business budgets are smaller it can often be difficult for them to...

Hotel Insurance Policy Know What All it Covers
Fire mishaps and other accidents are common in the hospitality industry, which includes hotels, restaurants, lodges, bars, etc. Thus, hotel insurance is very important for a hotel owner to cover the possible financial issues related to the business. While choosing a hotel insurance policy, it is better to go for a single policy which covers all possible damages that might occur. In this article, we will discuss on why you need hotel insurance and what all aspects it covers. Property...

Protect Your Business from Liability Claims Using Public Liability Insurance
Businesses that are directly associated with public are prone to liabilities as there are chances of accidents, even after making a conscientious effort to avoid them. If your customer or any other person sues you for death, injury or property damage at your premises and if you do not have public liability insurance, you may face significant costs that can cripple your business. These liabilities pose a severe financial threat to the businesses. Apart from the claimed amount, the high legal...

Know What to Insure in Your Studio Business
Studio based businesses are one of the common businesses that account for a significant portion of the UK's small and medium sized business category. Different types of businesses like music studios, recording studios, beauty salons, tattoo parlours, etc. are included in this category. Because of the small size, any unanticipated events like natural calamities, fire accidents, compensation claims, etc. can cause major financial loss to these businesses. If you are one among them and would...

Things to Consider While Choosing a Workplace Injury Attorney
Work related injuries are a commonplace occurrence leading to casualties. An employee injured during the course of employment will be eligible to get compensation as per the company rules, under law. But more often than not, the claims are wrongly denied due to certain factors which, according to the authorities, make the employee ineligible to get compensation. In such cases, an employee can file personal injury lawsuit if he thinks that an injustice has occurred. To fight against a denied...

Items to Consider While Choosing a Claims Management System
As a business owner or a risk manager of the organization, it is your responsibility to maintain a safe environment at workplace. In order to ensure a safe working environment, it is necessary to address all the factors that are causing accidents. This is where a Claims Management System comes to your rescue. An effective Claims management system can be a blessing to those organizations which are struggling to deal with claims and their associated costs. Claims management systems assist you...

Why Pre Employment Drug Testing Is Needed
Employee productivity and healthy professional environment needs to be maintained at any organization to ensure sustained growth and profit. Pre-employment drug testing helps organization maintain integrity, discipline, professionalism etc at workplace by ensuring a drug free environment. Pre-employment drug testing has become important process in many organizations as it helps to prevent employees who abuse drugs from joining the organization. Thus, it helps save costs that are lost in...

Builders Insurance Essential Tool in Construction Industry
Fatalities in construction industry are common. Construction workers, business owners and even general public are always at risk of accidents at construction sites. Not only the people are at risk, there are many chances of material and machinery damage. These unwanted issues at construction sites can be very burdensome for builders, contractors or business owners. These issues can cost them thousands of pounds. Therefore, it is essential for a builder or contractor to have something in hand...

Modernizing Business Processes for Effective Insurance Claims Management
Gaining efficiency can be achieved in several ways in the insurance claim management process. As claim managers begin to delve deeper into taking their claims processing system to the next level it is important to first identify and streamline your business processes to achieve effective claims management. Given the complexities of scenarios that come up during the claim management workflow a continuous process improvement plan should be implemented. As you explore your workflow, evaluate the...

Click here to see More Articles by Nate Rodney
Publishers / Webmasters
Article ID: 357235
DELINK URL from Authors Bio
REMOVE Article
Tell A Friend
Leave A Comment!
Download this article in PDF
Report Article!
Search through all the articles:


131 Users Online !
Related Articles:
Latest Articles:
 
Business And Finance >> Top 50 Articles on Business And Finance
Category - >
Advertising Advice Affiliate Programs Automobiles
Be Your Own Mentor Careers Communication Consumers
CopyWriting Crime Domain Names DoT com Entrepreneur Corner
Ebooks Ecommerce Education Email
Entertainment Environment Family Finance And Business
Food & Drink Gardening Health & Fitness Hobbies
Home Business Home Improvement Humour House Holds
Internet And Computers Kiddos and Teens Legal Matters Mail Order
Management Marketing Marriage MetaPhysical
Motivational MultiMedia Multi Level Marketing NewsLetters
Pets Psychology Religion Parenting
Politics Sales Science Search Engine Optimization
Site Promotion Sports Technology Travel
Web Development Web Hosting WeightLoss Women's Corner
Writing Miscellaneous Articles Real Estate Arts And Crafts
Aging


Disclaimer: The information presented and opinions expressed in the articles are those of the authors
and do not necessarily represent the views of bharatbhasha.com and/or its owners.


Copyright © AwareINDIA. All rights reserved || Privacy Policy || Terms Of Use || Author Guidelines || Free Articles
FAQs Link To Us || Submit An Article || Free Downloads|| Contact Us || Site Map  || Advertise with Us ||
Click here for Special webhosting packages for visitors of this website only!
Vastu Shastra

Email Marketing Services Provided By AwareIndia







Company IDS