When it comes to the general public’s understanding of how insurance claims and policies work, some things are simply incorrect. There’s a common misbelief that every claim you file will cause your insurance rates to go up. However, in most cases, this isn’t true, and you needn’t worry.
It’s rather common for companies (especially when they are in industries like construction) to have somebody get injured at work and seek workers comp. Yet even though it’s covered by the insurance company they work with, the company ends up simply paying it themselves because they don’t think turning it in is worth the cost of increased insurance rates.
Sit Down and Do the Math
We believe something different: turning in a claim related to workman’s comp and on-site employee injuries is always a good idea. You want the insurance company to know about it when it happens – rather than months later when the situation may escalate. Some injuries don’t remain simple. Your employee’s condition may worsen changing the initial cost into something you just can’t handle.
Filing the claim when it happens ensures that your insurance agency stays in the loop throughout the process. That way, even if the injury isn’t covered at the time, they have the information as soon as possible in case things get worse and escalate into something they do cover.
