Reduce Your Workers’ Comp Claims With Voluntary Benefits

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:

  • Small employers saw a 34% decline overall
  • Medium employers saw a 34% decline overall
  • Large employers saw a 55% decline overall

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:

  • Small employers reported a 15% significant/very significant decline
  • Medium employers reported a 13%significant/very significant decline
  • Large employers reported a 12% significant/very significant decline

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:

  • Small employers saw a 43% decline overall
  • Medium employers saw a 33% decline overall
  • Large employers saw a 47% decline overall

In examining the volume reduction in workers’ compensation claims, a reduction of 50% or more was determined to be significant or very significant:

  • Small employers reported 18% significant/very significant decline and 17% moderate decline between 25 and 49%
  • Medium employers reported 18% significant/very significant and 7% moderate decline between 25 and 49%
  • Large employers reported 11% significant/very significant and 20% moderate decline between 25 and 49%

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. This is how M3 is different. Our approach to voluntary benefits is customized based upon the needs of each employer and that employer’s team members.

 

 

 

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