How do Risk Managers Impact Workers’ Comp?

January 24, 2022

As a business owner, you may have wondered whether it would benefit your company to hire a dedicated, full-time risk manager to handle your workers’ compensation insurance, current claims, and other related issues. Effective Risk Management is important for numerous reasons, from helping to lower expenses for your company to handling all claims efficiently to reducing your other employees’ workloads and more. Before you put out a risk management job posting, it’s essential that you understand the different Roles of a Risk Manager in Work Comp and how effective management can have a positive impact on your company and workers. Here are some key details that can help you design your own in-house risk handler position.

Risk Managers Can Set Standard Benchmarks for Company Performance

In many companies, it’s up to the risk managers to set key benchmarks for company performance goals and safety standards. Your managers may be able to:

  • Assess the company’s track record with on-site accidents, worker injuries, and workers’ compensation claims
  • Pinpoint frequent errors or company-wide weaknesses and brainstorm ways to address the problems
  • Set goals for how the company should prevent injuries and handle claims in the future
  • Deal with each workers’ comp claim with professionalism and empathy

Effective Managers Can Handle the Business’s Insurance Claims

Perhaps one of the most important roles of any risk handler is to deal with the company’s workers’ compensation insurance claims. Before hiring your own risk assessment team, make sure the candidates for manager know how to:

  • Communicate questions and concerns to the insurance carrier or the third-party claims administrator
  • File claims on behalf of the company and manage current the current volume of claims
  • Helm the company’s claims management team and assign files evenly to spread the workload

Having a Risk-Assessment Manager Could Help Your Business Save Money and Time

In many cases, having a risk assessment professional on board can prove to be a worthwhile investment for the company. In fact, you may be able to save the company both time and money by working with risk professionals. Your manager could help:

  • Avoid accidents on the job
  • Mitigate the fallout from potential injuries
  • Effectively allocate expenses to lower overall claim costs
  • Unlock lower insurance premiums
  • Better handle company insurance budgets

If your business does not yet employ an in-house risk handler full-time, you may want to start creating a new position right away. Effective Risk Management can make a major difference for your company’s bank account and professional reputation, and the right manager could help you lower your insurance premiums, handle all claims quickly and effectively, reach out to workers with empathy, create safer working conditions and much more. Now that you understand how risk managers can impact your workers’ compensation insurance policy and more, you can hire your own risk manager and begin delegating key responsibilities.

About Brooks, Todd & McNeil

Since 1839, the independent agents at Brooks, Todd & McNeil have been pleased to offer our community the best and most affordable policies from a variety of providers. Our dedicated facilitators are ready to put their 75 years of combined experience to work on your claims. To learn more about our products and services, contact us today at (800) 448-4567.