Whether you are in the meat and food processing industry, the construction industry, or another field, claims will happen. As our customers and our potential customers, we will work closely with you to ensure claims do not happen. But in the event they do, and they likely will at some point, we cannot stress the importance of reporting claims within 24 hours after they occur. 

What should you do when a claim happens?

First and foremost, check on your employees well-being first. Ensure they receive the proper care they need post injury. What should you do next?

Report the claim within 24 hours.

We can’t stress the importance of this enough and we might sound like a broken record in the process, but it is important to remember. Reporting claims within 24 hours will help control your costs on the back end. Studies show reporting claims even two weeks late can increase your costs by over 25%. The same statistics show that reporting claims even a month late will at least double your back end costs. 

reporting claims

Your adjusters, nurse case managers, and claims managers need time to work on your claim. If it is reported late, this reduces the time they are able to devote to it. 

Key Takeaways

  1. We work with our customers and potential customers to mitigate risk and prevent claims from happening. 
  2. In the event a claim does happen, reporting claims within 24 hours should be your standard.
  3. Reporting claims 2-4 weeks late can increase your back end costs by 25-50%. 

To see our risk advisor explain this process in further detail, CLICK HERE!

 

For similar content, visit us on these platforms:

Insuranceassociates.biz | 402.371.0792

LinkedIn: Cole Williams

Twitter: @CW_RiskAdvisor

Facebook: Insurance Associates

YouTube: Insurance Associates