If you tell your employees that you have workers’ compensation insurance, will that mean you get more or less claims? Hello. My name is Michael stack. I’m the CEO of Amaxx. And I want to talk today about this concept of transparency, of information that you’re providing to your employees.
Common Sentiment Is To Not Inform Employees About Workers’ Comp
And it’s such a common sentiment that I hear among employers and brokers that serve employers and service providers, particularly for the small and medium size companies. They say, I don’t want to tell my employees that we have, or don’t tell anybody, because if we do tell them, then they’re all just going to file claims, right? Isn’t that what’s going to happen.
And here’s what I have to say to that…Really??
Is that really what you think is that really what you think that if you tell your employees, do you have work comp that they’re all just going to file claims that they don’t know this whole huge thing has existed for almost a hundred years, over a hundred years work comp insurance and employers. I will tell you this, if you don’t tell them somebody else will, and that somebody else is likely a plan, a fraternity, that’s saying, is your employer looking out for your rights? I will get you everything you deserve or it’s from their cousin or it’s from their friend or it’s from another employee at the organization. And what do you think that does to the level of trust at your organization? What do you think that does to the confidence that that employee has in your employer relationship? Then you’re going to take care of them after the time of injury.
What’s the odds that they’re going to hire an attorney. What’s the odds that they’re going to try to maybe Mullingar and extend that claim longer than it needs to.
WC Information Leads To Lower Costs and Better Outcomes
Really, if you think by not telling your employees, they’re not going to file claims, it’s going to be ended up being better for you. You are quite wrong in that statement. And for professionals out there that service these employers, this is information we need to get across. This is baseline one-on-one type stuff that this general sentiment that I hear all the time, we need to have some education around it. Because if you do have that transparency, if you do let them know, Hey, we’re going to take care of you. Your trust goes way up your litigation goes way down your claim outcomes go way down. The cost of your claims go down and your overall premium goes way down as well.
Again, my name is Michael sack. I’m the CEO of AMAX. Remember your work today in workers’ compensation can have a dramatic impact on your company’s bottom line, but it will have a dramatic impact on someone’s life. So be great.
Author Michael Stack, CEO Amaxx LLC. He is an expert in workers’ compensation cost containment systems and helps employers reduce their workers’ comp costs by 20% to 50%. He works as a consultant to large and mid-market clients, is a co-author of Your Ultimate Guide To Mastering Workers Comp Costs, a comprehensive step-by-step manual of cost containment strategies based on hands-on field experience, and is the founder & lead trainer of Amaxx Workers’ Comp Training Center, which offers the Certified Master of Workers’ Compensation national designation.
Workers’ Comp Roundup Blog: https://blog.reduceyourworkerscomp.com/
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