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How to Keep New Jersey Workers’ Comp Costs Down

How to Keep New Jersey Workers’ Comp Costs DownAs a New Jersey Workers’ Compensation agent, one of the most common questions you likely get from your clients is “How do I keep my costs down?” There might not be a single, simple answer to that question, however as Workers’ Compensation coverage is required for every employer in New Jersey, it’s a frequent concern. The good news is, there may be one answer that could help employers to keep their Workers’ Comp costs in check.

Sources affiliated with Sedgwick Claims Management Services, Inc. have found that creating a relationship with physicians could potentially help employers to improve the outcomes of Workers’ Compensation claims, as well as battle rising medical costs. According to the National Council of Compensation Insurance (NCCI) in their latest data, medical claim severity increased 6.7% from 1995 to 2012.

The fact is, your employer is very likely to face a Workers’ Compensation claim at some time in the course of their business; and the only proven way to reduce costs is by implementing a coordinated care organization, which is an employer-physician relationship that requires injured workers to receive treatment from providers who are a part of that organization.

Sedgwick officials state that even in states where employers are unable to direct the care of their injured workers, making injured employees aware of higher-rated physicians could help to reduce the cost and the length of a Workers’ Compensation claim.

At Associated Specialty Insurance Agency (ASIA), we understand your clients likely have many questions about their New Jersey Workers’ Compensation coverage. Our focus over the past two decades has been exclusively in Workers’ Compensation, providing insurance agents and brokers with access to markets and programs for their clients throughout our target states of New Jersey, Pennsylvania, New York, Connecticut, Delaware, Maryland, Virginia, North Carolina, and Florida. For more information about our services and what industries we target, please contact us today at (866) 679-7457.

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