Printer Friendly

EMPLOYERS CAN REDUCE WORKERS' COMPENSATION COSTS BY REPORTING WORKPLACE INJURIES EARLY

 HARTFORD, Conn., Aug. 10 /PRNewswire/ -- Employers can reduce workers' compensation costs by reporting workplace injuries and illnesses soon after they happen, suggests a new study by ITT Hartford Insurance Group, a leading workers' compensation insurer.
 According to the study, medical care and lost wage payments cost about one-third -- or $2,744 -- less when an employer reports an employee injury or illness shortly after it happens than if the employer reports the incident a month or more later.
 "There is no question that prompt reporting of employee injuries and illnesses benefits employees and employers," said Paul Schwartzott, ITT Hartford's vice president, claims. "Injured and sick employees get the medical care they need quickly, and employers save money by reducing workers' compensation costs and by getting their employees back to work early."
 Medical care and wage loss payments for an employee injury or illness reported within 10 days cost an average of $5,859, compared to $8,633 for one reported 31 days or later. The study analyzed more than 200,000 workers' compensation claims submitted over a 10-year period.
 Schwartzott noted that early reporting leads to early intervention and case


management activities by workplace injury specialists, which lower medical care and wage-loss expenses. It also leads to quicker indemnity payments, which ease injured employees' concerns about lost wages. In 1992 alone, ITT Hartford's managed care efforts -- including early intervention, rehabilitation and case management -- saved the company and its workers' compensation customers $129 million.
 "Injured and ill employees who get prompt and appropriate care feel better about themselves and their employers," said Schwartzott. "As a result, they are more likely to return to work quickly and less likely to feel frustrated and seek legal assistance."
 According to the study, litigation and related expenses for an employee injury or illness reported within 10 days averages $218 -- or about one-fourth the $768 average for a workplace injury or illness filed 31 days or more after the incident. When these expenses are added to medical care and wage-loss costs, early reporting saves more than $3,324 per workplace injury or illness.
 "When you add all the numbers up, early reporting saves a significant amount of time and money," said Schwartzott. "And those savings are reflected in lower worker's compensation premium rates and higher productivity rates for employers reporting workplace accidents early."
 ITT Hartford, a subsidiary of ITT Corp., (NYSE: ITT) is one of the nation's oldest and largest international insurance and financial services operations. Member companies offer commercial property and casualty insurance, automobile and homeowners coverages, and a variety of life insurance, employee benefit and asset management plans.
 -0- 8/10/93
 /CONTACT: Connie Gurney, 203-547-6237 (office), 203-521-3192 (home), or Sue Honeyman, 203-547-4976 (office), 203-397-9233 (home), both of ITT Hartford/
 (ITT)


CO: ITT Hartford Insurance Group; ITT Corp. ST: Connecticut IN: INS SU:

DJ-CM -- NE019 -- 1241 08/10/93 14:04 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 10, 1993
Words:477
Previous Article:ITT HARTFORD TO ACQUIRE DORNBERGER/BERRY CROP BUSINESS, DOUBLING SHARE OF MARKET
Next Article:THE BOC GROUP REPORTS RESULTS
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters