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Workers’ Compensation coverage for Auto Dealers and other professionals in the auto services sector is absolutely essential, as the coverage is required by law in most states. Just having the coverage is not enough though; although late reporting of Workers’ Comp claims won’t affect the employees’ benefits, it does cause issues with the claims handling process and typically will increase the cost to your clients, the employers. How can reporting claims in a timely manner save your clients time and money?

Prompt reporting enables their insurance agent and carrier to quickly begin contacting the injured worker(s), explain to them the Workers’ Comp claim process, and answer their questions. The reason this is so important is because establishing a trusting relationship at the beginning of the process helps to reduce disputes, and encourages a successful and quick return to work, in addition to a general decrease in claim costs. Ultimately, this saves your clients money in insurance costs.

A common misconception about Workers’ Comp claims reporting is that minor accidents don’t need to be documented or reported, and that doing so will increase the employers’ costs. Multiple insurance professionals recommend that employers report any injury that goes beyond the OSHA definition of first aid. A report from HNi revealed that waiting 7-14 days after the injury typically costs 18% more than those filed within a week of the injury. Employers who wait 15-28 days later could see a 30% increase in claims costs!

Many employers choose the route of administering their “medical only” claims in house, including the payment of related medical treatment. There is a significant disadvantage to this approach, as it does not allow you, the insurance agent, to build a rapport with the injured worker and manage the claim. This could ultimately cost your employer more than necessary.

At Platinum Program Managers & Insurance Services, we understand that Workers’ Compensation is a significant investment for most companies, including those in the Automotive Sales and Service industry. Our wholesale operation can help reduce the costs of Auto Dealership Workers Comp coverage with affordable premiums from carriers that are committed to this industry niche. Workers compensation is our expertise, so let us share our knowledge with you so that you can secure the best coverage for your clients. To learn more about our operation, give our Auto Dealership Workers Comp specialists a call today at (866) 428-7443.

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