In recent years the average cost of a personal injury lawsuit was about $48,000, but minor injuries can cost up to $75,000 and major injuries in the millions! In fact, legal fees and compensation are only expenses that can be quantified in such cases. Business owners know that wasting time can lose money as well and statistics can’t accurately capture that extra opportunity cost.
This is why many companies adopt a two-pronged approach to deal with these kinds of lawsuits. They maintain compliance with safety regulations and have case management professionals to help with active personal injury issues. If you want to find out how this could benefit your company as well then keep reading.
Workers’ Comp Laws
Modern workers’ compensation laws evolved from the belief that workers should be compensated for lost wages if they were injured on the job. As they stand today, they are no-fault laws, which means the worker doesn’t have to prove it’s the employer’s fault to benefit (in most states).
The only out an employer has is if the injury resulted from intoxication. This means that it may be a good idea to implement some form of before-work drug or alcohol testing if you feel there are at-risk employees. With the paper trail, you won’t be liable for any injuries related to those specific instances.
Workers’ Comp Insurance
Drug and alcohol clumsiness, however, only results in a fairly small percentage of injuries. To truly be risk-free when it comes to workplace injuries you need compensation insurance. Most states also require businesses to have compensation insurance.
Compensation insurance protects the injured individual. A work-related injury can sometimes keep someone out of work for months. If their employer doesn’t have the capacity to pay for that, the insurance company can.
Insurance also protects the business from the worst financial and legal outcomes. Your company may experience a higher premium after a claim, but that far outweighs going bankrupt. Non-compliance with the law may also result in harsh fines and other penalties.
Professional Case Management
Many companies outsource the legal and medical process to case managers for injury cases. With professionals handling the admin, the company is free to focus all its attention on its core business. This can save a company thousands of dollars per case.
Injury case management services offer a variety of case management options. They can assess the injury, recommend medical care options, and oversee the injured worker’s treatment.
They’ll also handle the legal administration of an injury case. They make sure all parties comply with legal regulations and recommend ways in which the business can save itself from similar injuries in the future. View this case management company to find out more!
Protect Your Business Today
Workplace injuries basically don’t have to be anyone’s fault before employees are allowed to claim. That is why you should contact professional case management consultants. They’ll tell you what insurance to get, how to claim, and guide you through current and future work-related injury cases.
Do you want to learn more about business management and money-making? It’s not all boring insurance and legal stuff, most of it is quite exciting! Check out the rest of our business blog and see for yourself.