In the construction industry, injuries are inevitable. They don’t have to be costly for employers though. Unfortunately, there are a few common misconceptions that exist about claims reporting that sometimes prevent construction employers from getting the most out of their NJ Workers Compensation Coverage. This includes the assumption that minor injuries do not have to be reported at all.
Numerous insurance professionals recommend reporting any on-the-job injury that goes beyond the OSHA definition of first aid. Not reporting the claim, or waiting to report it, can be financially devastating for your construction business. In fact, a study conducted by the Hartford Financial Service Group revealed that workers compensation claims reported 7-14 days after the injury costs 18% more than those filed within a week of the injury. Waiting 15-28 days after could cost you 30% more.
Waiting to report is also harmful because it does not allow your insurance agent to conduct a thorough investigation. Our goal is to gather information and determine the cause and extent of the injury, while building rapport with your injured employee, thus building a trusting relationship. Not reporting a claim right away could make your employee feel that they are not valued; that their injury is not important to you. This may be the furthest thing from the truth but the fact is that delayed reporting could in fact hurt employee morale.
Perhaps the most important reason you should not wait to file a workers compensation claim is that your potential for being sued rises the longer you wait. The employee may seek alternative medical opinions or treatment while waiting, or begin to wonder if the employer is retaliating against them for their injury. Unfortunately today’s society is a litigious one, and employees will often pursue legal action if they feel their compensation needs are not being met.
At Tri-State Insurance Agency, we understand the risks you face every day in construction. Our comprehensive New Jersey Construction Insurance Program includes coverages such as workers compensation, general liability, pollution liability, builders risk, and more. For more information, please contact us today at (888) 990-0526.