Today, Dean D’Camera of The D’Camera Group in Annapolis, MD discusses the real cost of a work comp claim
Most business owners understand the direct cost of a work comp claim, those things that are paid out by the insurance company. However, the soft costs or the real cost of a work comp claim is significantly more.
When determining the real cost of a claim, ask yourself these questions:
- Did the job stop after the claim?
- How many employees stopped working and what was the hourly rate lost?
- Did a supervisor have to accompany the individual to the hospital?
- Did an investigation need to happen?
- Did internal staff need to get involved in the claims process?
- Did you as the owner have to take time to deal with the claim or visit the injured employee?
If you take the number of employees times the hourly rate you can see that the amount of money lost is significant.
The best thing to do is have a plan in place which:
- Prevents accidents from occurring in the first place
- Manages accidents and claims in the most efficient way possible
Watch the video above to learn more.