What would happen if you had to live without a valuable staff member for an extended period of time? If you think about your operational capacity and efficiency, it can also severely disturb team morale and progression. Could your business afford to be in this position?
With all the pressures we face running a successful business and a happy life, time has become our most precious commodity. Every 60 seconds that is lost impedes on our productivity and profit let alone an incident or accident that results in injury.
In fact, there are alarming statistics on a growing trend of time lost to business is on the rise. Between 2000–01 and 2014–15, the median time lost for a serious claim rose by 29 per cent from 4.2 working weeks to 5.4.
Lost time is one thing that impacts your bottom line. It is also important to note that pay outs over the same period are also on the rise. It may be surprising to know the median compensation pay out for a serious claim rose by 71% from $5,200 to $8,900.
With the potential for costs to your business trending upwards it is more important than ever before. To make sure these claims are managed effectively to gain your business the best results and avoid paying more than you should be now and long term.
The answer is simple. Having an expert manage your claim from the moment an incident occurs. An expert will assist with the management of all Workers Compensation claims taking away the stress and the costly process involved with Workers Compensation claims. By taking charge of the way a claim is managed this can help you avoid the risk of significant premium increases and other associated costs that may result from a claim that is mismanaged.
When an incident is threatening your livelihood you need to seek the advice from an expert to avoid distress. Having an expert who understands and cares about your situation like Workers Compensation Specialists do is important. Company Director Jason, encourages calls from all business owners to protect their business whether it be in preparation or when disaster strikes.
For more information on how to protect your business visit. https://wcspecialists.com.au/pages/services/claims-support-programmes/
Source: Safe Work Australia – Australian Workers’ Compensation Statistics
