Looking for a way to reduce your workers’ compensation claims?
Voluntary benefits could be the answer. A recent survey of 600 employers* found that nearly half of companies offering accident and disability insurance experience reductions in workers' compensation claims. In addition to asking employers if they could confirm declines in claims, the survey also inquired about the significance of those declines. The results demonstrate that by making voluntary accident and disability insurance available to employees, companies can often decrease the frequency and expense of their workers' compensation claims.
The survey results reveal the following:
Employers who offer voluntary accident insurance noticed declines in their workers’ compensation claims. Specifically:
In examining their volume of workers’ compensation claims and the amount of decline, declines of 50% or more were determined to be significant or very significant:
Interestingly, large employers also saw a 29% moderate reduction in workers’ compensation claims of between 25 and 49%.
Employers who offer voluntary disability insurance noticed declines in their workers’ compensation claims. Specifically:
In examining the volume reduction in workers’ compensation claims, a reduction of 50% or more was determined to be significant or very significant:
Numerous studies indicate an increasing number of employers are offering voluntary benefits as part of their total employee benefits program. However these studies do not review the overall employee/employer satisfaction with the voluntary benefit program. Total satisfaction is based on more than just the product that is offered. Unlimited Benefits' approach to voluntary benefits is customized based upon the needs of each employer and that employer’s team members.
For more information on how VWB's can positively impact you, the employer, and your employees contact Unlimited Benefits at 888-587-9370
Founder of Unlimited Benefits and Financial Services Expert since 1994