For most organizations, employee related costs are one of the biggest drains on the bottom line. And workers compensation insurance is often the main drain. Unlike the price of gas, however, understanding Nike Shox Shoes, these six workers compensation insurance industry secrets can help owners and managers aggressively control these costs. So what are they?
1. Insurance companies don't pay for your employee injuries - they just finance them for you.
Do you realize that oftentimes you pay $2 to $3 back to your insurance company for every dollar they pay out for your employee injuries? Each claim results in an extremely expensive financing contract. Nike Blazer SB,You pay your premiums. Then you have to pay for almost all of your claims. You pay:
- For employee injuries through lost dividends and return of premium
- Increased costs because your Experience Modification skyrockets
- Lost productivity
- Reduced morale for the unhurt employees who fill in for the injured employee
- Increased stress for management and staff
Workers Comp does not pay for employee injuries. You do!
2. Insurance Company Claims Management Services are usually horrendous.
Now that you know you write the checks for your employee's injuries you should realize how critical it is for you to demand aggressive claims management. Claims adjusters are snowed under with too many cases. Your injured employee doesn't get the attention he or she deserves. In spite of this, insurance companies continue to downsize as they strive to increase profits. Add Managed Care to the mix and your employee's claim is often outsourced to a case Nike Cortez management company. The adjuster doesn't even know what is happening or how your injured employee is being treated. You just can't notify the insurance company your employee was injured and expect them to "do their job." You must have a proven process in place to minimize the cost of the injury and expedite your injured employee's return to work.
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