When following the proper channels, businesses can benefit from the support that comes with coordinating the claims process through an expert. Claims representatives have proven knowledge and experience to settle claims at the lowest possible amount while also providing lifecycle claims handling, offering customized support, and detecting potential fraud. Claims representatives are also able to close the claim as soon as possible, helping with the prevention of high litigation costs.

Claims Costs & Reporting Lag Time

Depending on business size, the cost of a claim can impact a company’s Experience Modification Rate (for Workers’ Compensation) and underwriting discretionary pricing. (EMR), also known as experience modification factors or an experience modifier, are a comparison of a company’s expected Workers’ Compensation claim costs versus the actual claim costs.

To support strong EMR results and reduce overall costs, it is in a company’s best interest to report a claim as soon as it occurs. There are numerous studies confirming that the sooner an insurance carrier can work on claim management, the lower the ultimate payout will be. In fact, according to a research brief on the relationship between accident reporting lag times and claim cost in Workers’ Compensation by the the median cost of claims reported one day after an incident was significantly lower than claims that were reported two weeks after an incident.

Best Practices for Claims Handling

It is crucial to report a claim immediately to your company’s insurance carrier to enable the carrier to assign an expert to handle the claim, create a case number for the incident, and begin to control the cost. If a claim occurs during your policy period, make sure to report the claim as soon as possible directly through the insurance carrier’s website or phone number.

Reporting claims promptly will benefit your company and, ultimately, help keep insurance costs low.

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´¡³¾±ð°ù¾±²õ³Ü°ù±ð’s SureClaims experience leverages cost-saving practices to help protect your bottom line. Minimize total costs through technology, clinical expertise, medical provider collaboration, and negotiation services, including medical bill review, injury fraud prevention, early return-to-work programs, risk mitigation, managed medical costs and our digital first notice of loss portal.

is recognized each September to raise awareness about the importance of being prepared for emergencies and disasters. For businesses, this observance provides a great time to consider specific risks that could impact employee safety and develop your own preparedness plan.

According to businesses can face a variety of potential hazards related to natural disasters, health concerns, technology-related risks and accidents caused by humans. There are simple steps to create and implement an emergency preparedness plan for your business:

Identify Your Risks

Become familiar with the types of natural disasters in your location. Each season brings its own unique challenges, and it is imperative to plan for the risks your business may face for each. This can include earthquakes, hurricanes, flooding, power outages from severe winds, and tornadoes.

Depending on the type of business, identify the likelihood of other kinds of disasters, such as health hazards in a healthcare setting, or information technology-related risks to equipment or processes.

Develop a Plan

Create a course of action for each type of risk and conduct safety drills for emergencies your employees may face. Your safety drill plans should include when to evacuate the premises and when to stay in place. In the event your employees are required to evacuate, include information in your plan on the routes that are available and how to access the company’s emergency kits.

Take Action

Determine how to communicate with your employees before, during and after a disaster. Assign safety officers for assisting others in the event of an emergency, and consider accommodations for employees with special medical needs, including prescriptions and equipment.

Businesses should also review their insurance plans as they relate to the typical risks in their locations. Having the right type and amount of insurance can make the difference between a quick or more complicated disaster recovery. Consult your agent who can assist in determining what perils your policy covers (and in what situations coverage takes effect) to decide if additional coverage may be needed.

Inspire Others

Take advantage of the resources at and use National Preparedness Month as the prompt to get a plan started for your company. Discuss your plans with others in your industry to help ensure those around you are also taking steps to protect their family or company.

While businesses may not be able to avoid a disaster, you can minimize the impacts by being prepared.