Note: This article is specific to Florida and States with a 7 Day Waiting Period (for information on other States, please contact your insurance company).
The number 7 (seven) has been historically associated with good luck often representing the winning number for financial gain or a financial payoff. Often times, if you ask someone what their favorite number is – they will say number 7. You may envision a crowd of people standing around a gambling table cheering for the dice to roll number 7; as some people will see if they can win by chance rather than by design. So what could the number 7 possibly have to do with Florida Workers Compensation and specifically to you as an Owner/Operator? Consider the facts below that show you how understanding the impact of this magical number 7 directly impacts the results of your workers compensation modification factor and your profitability.
DID YOU KNOW……
- Employers have only 7 days to report an injury to their carriers or be subject to fines;
- Employers have 7 days to keep a claim from becoming a lost time case; number 8 is too late;
- There is a 7 day waiting period in the State of Florida for workers compensation wage benefits; if you provide return to work prior to the 22nd day you do not owe the 7 day waiting period.
- Employers have 7 days to reduce their exposures to 30 cents on the dollar for claims reported to NCCI by providing RTW (return to work) prior to the 8th day;
- Employers have 7 days to control their mod factors by avoiding lost time claims by providing return to work opportunities;
- Employers have 7 days to reduce their litigation, improve employee morale, and increase profitability by bringing the injured employee back to work;
- Employers have 7 days to reduce their global workers compensation premiums by implementing a return to work program that reflects strong claims management.
Managing your claims does not happen by chance; it is most certainly by design. It requires a plan that is clearly communicated to your managers and your employees. It mandates that there is no deviation from your protocol which should be clearly communicated to all parties involved in the process.
The most critical component for your 7 day success is that you are pro-active and have a solid return to work program in place. Don’t wait for an accident to happen to determine what should be done. Investigate the accident at the moment it occurs to clearly document the facts. Obtain statements from the injured employee and witnesses that have first hand knowledge of the details and facts of the incident; and remember, call your Amerisure partners as soon as the accident occurs to report the claim and assist to you with the process.
Don’t roll the dice – remember the 7 day rule –win by design!