Getting the most out of your workers' compensation policy takes a little know-how. Between accidents, lawsuits and seasonal disasters, it’s easy to get less from your policy than you’ve bargained for. High-dollar workers' compensation insurance claims might seem rare. Still, they’re costly enough to impact the core of your business.
Knowledge is power, and the knowledge is yours. Below, we’re covering the give biggest workers compensation claims. We’ll teach you how to avoid them.
Big Claim Number One: Catastrophic Injury
Catastrophic injury claims don’t happen often. Still, they’re expensive enough to devastate a business. Did you know less than 10 percent of employees who’ve experienced a catastrophic injury return to the workplace? According to the Workers' Compensation Research Institute, workers who’re disabled for over six months are 50 percent less likely to return to the job.
While you can’t prevent unforeseen disaster, you can still eliminate inappropriate medical treatment. Make sure your have an effective network medical provider, because inappropriate treatment can turn a regular injury claim into a catastrophic one.
Big Claim Number Two: Sprains and Strains
Sprains and strains account for a sizeable chunk of workers comp claims. They account for about 30 percent of claims, regardless of the business’s industry.
To avoid these claims, focus on accident prevention. Make sure your team handles maintenance routines competently. Hire additional workers if any part of your workplace becomes hazardous.
Big Claim Number Three: Disability
An employee who’s disabled at your workplace will likely be a large claim expense. Even diagnoses years after an initial accident can still fall under your policy. It’s possible to preemptively see these claims coming, however. Here, severity is the cause. Taking measures to reduce your workplace’s overall danger can help.
Big Claim Number Four: Motor Vehicle Accidents
If your employees drive, you’re more exposed to workers compensation insurance claims. Approximately 24 percent of claims arise from employee driving, reports the Organizational Safety and Health Administration.
Aside from purchasing comprehensive fleet insurance, exercise strict premises driving standards. Moderate your drivers and keep pristine logs about daily employee trips—however small.
Big Claim Number Five: Trauma Over Time
The workplace can get rough. Traumas over time, such as injuries of overuse, take a toll on employees. They also account for a surprising amount of workers compensation insurance claims.
As a business owner, employees are your responsibility. This said, you might be opening yourself up to high-dollar claims, nonetheless. Once you’ve covered all the immediate safety bases, stay in touch with your employees. Give them network-accessible check-ups and preventative treatments.
Remember: a little prevention goes a long way. By being proactive about workplace safety, you can prevent the most expensive claims.