There are many reasons why you may not want to file a workers’ compensation claim for an employee right away, but you shouldn’t delay.
An employee’s injury wasn’t all that serious and they returned to work in just a couple of days, an employee ‘s injury was so catastrophic that you are still trying to wrap your head around it or you’ve been so busy with your work that you haven’t gotten around to filing a claim — all of these are examples of reasons why you may not file a workers’ compensation claim in Louisville right away, but you should know that this could end up hurting your company.
Why file a claim right away?
The cost of a claim goes up substantially if you wait to file. According to a study conducted by the National Council of Compensation Insurance, a filing delay could increase the claim by a staggering 51%! Not only do delayed claims cost more, they also generally involve more lawyers, take longer to resolve and involve more lump sum payments. By filing a claim promptly, you can also minimize your risk for workers’ compensation fraud, which can end up saving you money. A delay could also affect your coverage and, in extreme cases, you may even lose your coverage altogether.
No matter your reason for delaying a claim, you should always file as soon as you are aware of a work-related injury or illness. Filing promptly is best for all parties involved. Do you have any questions or concerns about filing a workers’ compensation claim? If so, contact us today!