Workers’ compensation insurance is mandatory for successful businesses. However, figuring out all of the rules and regulations can become complicated. This guide will give you a clear understanding of managing workers’ compensation claims.
What You Should Know About Workers’ Compensation
Workers’ compensation is a form of commercial insurance that protects workers who are injured in the workplace. The policy provides coverage for medical costs and lost wages while your employee is off work. Workers’ compensation covers medical treatment of severe injuries, rehabilitation, disability, and even death benefits. It provides coverage regardless of who is responsible for the injury. As a business owner, workers’ compensation protects you from being sued if one of your employees is injured in the workplace. Under the North Carolina Workers’ Compensation Act, corporations, sole proprietorships, partnerships, and limited liability companies are required to carry coverage.
Keep in mind that independent contractors may be classified as employees under the law. Research your classification code. The type of workers’ compensation policy you need for your business depends on the number of employees that you have, the size of your payroll, the type of business that you work in, the number of years your business has been in operations, and the number of claims you have managed in the past. Workers’ compensation protects your business from a potential lawsuit and gives your employees financial stability while they recover.
What Do I Need to Know to File a Workers’ Compensation Claim?
If you are injured on the job, you must report the incident within the next month, although sooner is better. You have the option to file a claim with the Industrial Commission. When you file the workers’ compensation claim, you must outline your relationship with your employer, that they are responsible for the injury that you sustained, and that your losses are covered.
As a business owner, there are multiple things that you can do to investigate workers’ compensation claims. Have your human resources department ensure that your employee’s medical needs are met. Look at the formal claim. Have your HR team speak with your employee and notify them about the claims process. They should have a clear understanding of their medical care and their supplemented wages while they are unable to work. Stay in contact with your employee until the claim has been finalized. The insurance provider will inform you and your employee if the claim was denied or approved. In some cases, further review may be needed before deciding. Generally, your employee has a three-to-seven-year window to collect benefits once they have been approved. However, a medical professional can clear your employee at any point. In some cases, your employee may return to work in a limited capacity while still collecting benefits.
There are a few things you can do to reduce workers’ compensation claims. Start by doing a full inspection of the work environment. Make sure that all of the equipment is safe. If something needs to be repaired, try to fix the item promptly. Hold a meeting to inform all of your employees about workplace safety regulations. Update your employees on new practices as they arise. Reward your employees with incentives for performing safe work. Also, consider promoting the benefits of living a healthy lifestyle. Helping your employees stay fit will reduce the likelihood of them being injured on the job.
What Is a Supervisor’s Responsibility When Responding to a Work-Related Injury?
As a supervisor, make sure that the injured employee receives medical attention as soon as possible. Next, fill out an Injury Data Collection Form. The form should include detailed information regarding the injured employee and their diagnosis. Send the form to the insurance agency as soon as possible. As a supervisor, you are also responsible for conducting an incident investigation. Try to have the report completed within two days. Once the injured employee has been cleared, you should notify the agency immediately.
The key to managing workers’ compensation claims is being efficient. Deal with each claim with urgent attention. It’s also important to promote safe practices in the workplace. The experts at Pittman Insurance Group, LLC are available to discuss and clarify any questions you might have about workers’ compensation insurance. Contact us right now to get answers from our experienced representatives.