Many employers don’t realize that when an employee is "injured on duty" there is interaction with other facets of their benefits package. In fact, in our opinion workers compensation is an employee benefits matter.
You would be well served to coordinate your workers compensation plan with your health benefits plan. The two are linked in ways most employers do not understand until they are in crisis mode.
While one product line is sold through a Property and Casualty Broker and the other through a Health Insurance Broker, you should consider finding a brokerage house that handles both. That is one reason we have expanded our WD Risk Management Group, offering a full spectrum of solutions to our clients.
When you are evaluating your Workers Compensation or Employee Benefits Program you need to think beyond premium. There are many hidden factors to consider that can cost employers money. It is the conversation following the point of sale that has potential to save a business real money.
Your business is an important asset that needs proper protection. A good advisor will help you understand the risk you are exposing your business to by electing one coverage over another.
Did you know that Rhode Island law as written states that in the event of a work-related injury that prevents the employee from fulfilling their role, the employer must hold the employee’s position for 2 years and also hold the benefits at the same contributory level?
This is a complex law and there are exceptions. In many cases this requirement will be preempted by federal regulation such as ERISA. That is why you need a qualified brokerage firm that can partner with you and show you how you might qualify to avoid some costs.
WD can evaluate and implement a plan to protect your company against these hidden costs. We can also develop a written safety program that is branded and customized to fit your specific needs. One that is also able to educate you on your exposures and the possible ramifications of a WC claim as well as identify the proper training and risk management procedures to protect your business.
Some Questions to Consider:
Do you know what your obligations are?
Can you pay small medical bills with company funds?
Do you have to report every claim?
It all comes down to health and healthcare…
An injured employee has two years to inform their employer of a work related injury. This means that there could be undeclared claims among your population at any time.
In some cases there will be no loss of productivity but there could be associated medical costs. For example, a machine operator might lose range of motion in a finger which allows him/her to work but requires treatment.
Workers Compensation claims run parallel to related healthcare claims. Keeping those two areas close can help you catch situations early and possibly prevent additional expenditures.
Additionally you can leverage the existing employee benefits and wellness programs to incentivize your people to make healthier choices. When you employ healthier people you can control multiple costs: Workers Compensation Claims, Workers Compensation Premiums, Healthcare Premiums...
We have strategies that you can use to control future WC premiums. Our expert team tailors cost-effective packages to your needed coverages and limits.
You can focus on the important workings of your business with the confidence that it is protected from loss.