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Effects of Business Losses With High Insurance Claims

February 18, 2012 | Comments: 0 | Views: 135

Effects of business losses with high insurance claims (workers compensation).

While every person would love to reduce their monthly bills, business losses with high insurance claims and workers compensation can help to offset medical costs, if the injury is real. When this happens, you are able to claim your medical bills under your company's insurance, allowing them to pay for the injury you sustained at work.If the injury is real and you ask for genuine workers compensation then nobody can deny you the claim. But if you try to exaggerate the injury or sickness or milk it longer than is necessary by claiming more money from the source that has given you bread and butter for a long time in your life, the company can turn around and come after you for falsifying your documents and stealing for the company.

With workers compensation a person can claim the medical expenses from injuries sustained by him or her while working for the company. However, many people exaggerate their injuries as well as their medical expenses in an attempt to get more money from the company. This can also be done by documenting an extended period of time for recovery from the injuries sustained. This causes the company more burdens from the insurance and as such places a particular burden on the boss of the company but also the co-workers and friends who work at the same company. The worst case scenarios are a company may go into a loss if it is a small company and trying to make ends meet. If a company is mid-sized then there might be cuts in salary for the employees and also possible cancellation of bonuses at the end of the fiscal year.

Thus we should try to be more careful at work in order to avoid such situations, which may lead to drastic steps taken by the company. Create an effective policy for on the job injuries. The one thing that I have learned over time is employee will always try to milk the system if you allow them to. Hire an established professional to look at your insurance program. As I mentioned before creating an effective return to work plan is critical to cutting your losses. Along with making sure that your "special account instructions" with your insurance carrier. Keeping control and be notified on all major issues cuts down on cost. Insurance company make there money on handling each claim.

PJ Consulting Group, LLC can help you increase your bottom line by looking at your insurance claims program. Our motto is: Seeing is believing! We can help you create an effective program and start saving you money immediately.

Coming soon--March 2012

Source: EzineArticles
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