--- title: The Necessity of Reporting Prompt Claims description: Learn why reporting claims promptly is crucial for reducing costs, maintaining compliance, and preserving employee morale. image: https://education.veritasrm.com/hubfs/double%20exposure%20of%20businessman%20or%20salesman%20handing%20over%20a%20contract%20on%20wooden%20desk.jpeg --- [Skip to the main content.](https://education.veritasrm.com/the-necessity-of-reporting-prompt-claims#main-content) [![Veritas Insurance](https://education.veritasrm.com/hs-fs/hubfs/Screenshot_2022-07-27_161347-removebg-preview.png?width=679&height=124&name=Screenshot_2022-07-27_161347-removebg-preview.png "Veritas Insurance")](https://veritasrm.com/) [![Veritas Insurance](https://education.veritasrm.com/hs-fs/hubfs/veritasrm-1.png?width=1000&height=145&name=veritasrm-1.png "Veritas Insurance")](https://veritasrm.com/) - Get Insurance - [Business Insurance](https://veritasrm.com/insure-your-business/) - [Types of Coverage](https://veritasrm.com/insure-your-business/business-insurance/) - [Personal Insurance](https://veritasrm.com/personal/) - About Us - [Companies We Represent](https://veritasrm.com/companies-we-represent/) - [Contact Us](https://veritasrm.com/contact-us/) - [Meet Our Team](https://veritasrm.com/meet-our-team/) - [Andrew Darlington](https://veritasrm.com/andrew-darlington/) - [Tammy Collins](https://veritasrm.com/tammy-collins/) - [Regina Davis](https://veritasrm.com/regina-davis/) - [Jennifer Plaisted](https://veritasrm.com/jennifer-plaisted/) - [Tony Dale](https://veritasrm.com/tony-dale/) - [Jonathan Lugo](https://veritasrm.com/jonathan-lugo/) - [Laryn Hurley](https://veritasrm.com/laryn-hurley/) - [Sheri Taylor](https://veritasrm.com/sheri-taylor/) - [Lynn Hodge](https://veritasrm.com/lynn-hodge/) - [Heather Trent](https://veritasrm.com/heather-trent/) - [Andy Warner](https://veritasrm.com/andy-warner/) - [Sarrah Rossi](https://veritasrm.com/sarrah-rossi/) - [Refer Us and Win](https://veritasrm.com/refer-us-and-win/) - [Blog](https://education.veritasrm.com) Search *Search* Toggle Menu Search *Search* Toggle Menu - Get Insurance *Toggle Menu* - [Business Insurance *Toggle Menu*](https://veritasrm.com/insure-your-business/) - [Types of Coverage](https://veritasrm.com/insure-your-business/business-insurance/) - [Personal Insurance](https://veritasrm.com/personal/) - About Us *Toggle Menu* - [Companies We Represent](https://veritasrm.com/companies-we-represent/) - [Contact Us](https://veritasrm.com/contact-us/) - [Meet Our Team *Toggle Menu*](https://veritasrm.com/meet-our-team/) - [Andrew Darlington](https://veritasrm.com/andrew-darlington/) - [Tammy Collins](https://veritasrm.com/tammy-collins/) - [Regina Davis](https://veritasrm.com/regina-davis/) - [Jennifer Plaisted](https://veritasrm.com/jennifer-plaisted/) - [Tony Dale](https://veritasrm.com/tony-dale/) - [Jonathan Lugo](https://veritasrm.com/jonathan-lugo/) - [Laryn Hurley](https://veritasrm.com/laryn-hurley/) - [Sheri Taylor](https://veritasrm.com/sheri-taylor/) - [Lynn Hodge](https://veritasrm.com/lynn-hodge/) - [Heather Trent](https://veritasrm.com/heather-trent/) - [Andy Warner](https://veritasrm.com/andy-warner/) - [Sarrah Rossi](https://veritasrm.com/sarrah-rossi/) - [Refer Us and Win](https://veritasrm.com/refer-us-and-win/) - [Blog](https://education.veritasrm.com) [*Facebook*](https://education.veritasrm.com/the-necessity-of-reporting-prompt-claims#0) [*Instagram*](https://education.veritasrm.com/the-necessity-of-reporting-prompt-claims#0) [*LinkedIn*](https://education.veritasrm.com/the-necessity-of-reporting-prompt-claims#0) [*Twitter*](https://education.veritasrm.com/the-necessity-of-reporting-prompt-claims#0) [*Youtube*](https://education.veritasrm.com/the-necessity-of-reporting-prompt-claims#0) [*Medium*](https://education.veritasrm.com/the-necessity-of-reporting-prompt-claims#0) 1 min read # The Necessity of Reporting Prompt Claims [![Picture of Andrew Darlington](https://education.veritasrm.com/hubfs/DarlingtonFace.jpg) Andrew Darlington](https://education.veritasrm.com/author/andrew-darlington) : August 8, 2024 at 10:37 AM [Business Insights](https://education.veritasrm.com/tag/business-insights) [Workers' Compensation](https://education.veritasrm.com/tag/workers-compensation) [Claims](https://education.veritasrm.com/tag/claims) ![The Necessity of Reporting Prompt Claims](https://education.veritasrm.com/hubfs/double%20exposure%20of%20businessman%20or%20salesman%20handing%20over%20a%20contract%20on%20wooden%20desk.jpeg) ### Click Below and Listen To "The Necessity of Reporting Prompt Claims" # The Importance of Prompt Claims Reporting    The rising cost of claims presents a significant challenge for employers today. However, there is a simple strategy that can significantly reduce your claims costs: report all claims promptly.  In fact, the sooner a claim is reported, the lower the cost is likely to be. Beyond cost, reporting claims promptly can help avoid unnecessary conflict with insurance companies, ensure a proper investigation, preserve employee morale and maintain compliance.   ## Minimize Cost It’s no secret that delayed reporting of claims can add up to unnecessary costs for employers. Studies show that the longer it takes to report a claim, the higher the cost tends to be. For example, the National Council on Compensation Insurance (NCCI) conducted a survey and found that claims costs began to climb significantly after a lag time of just seven days. A reporting lag of 29 days or more after the incident resulted in costs that were 49% higher than the costs of claims reported within a week. In addition, by promptly reporting claims, day-to-day operations will be able to return to business as usual much faster, which can also save your company money associated with lost productivity.   ## Reduce Friction with Insurer Many policies have reporting requirements, so it is possible that a late claim could void your coverage altogether. When your company delays reporting a claim, the process is much more difficult for a claims adjuster – making it less likely that your company will receive the most advantageous settlement or outcome. It is also important that the insurer is able to conduct a thorough investigation as soon as possible after the incident. When reporting is delayed, the investigation can be much less conclusive due to faded memories and unpreserved evidence. ## Preserve Employee Morale Certain incidents can be upsetting for employees, and it is important for your company to demonstrate that you take the matter very seriously and care about your employees. Promptly reporting any claim can go a long way toward preserving employee morale and trust in your company.   ## Maintain Compliance There are certain types of incidents that need to be reported not only to the insurer but also to the Occupational Safety and Health Administration (OSHA). When a recordable work-related illness or injury occurs, the employer has seven calendar days to record it on their OSHA log, Form 300. Contact Veritas Risk Management & Insurance Services to assist you in establishing effective claims reporting procedures so you can reduce lag time and protect your bottom line. - [Tweet](https://twitter.com/share) [![Understanding Claims](https://education.veritasrm.com/hubfs/Smiling%20young%20man%20shaking%20hands%20with%20an%20insurance%20agent%20or%20investment%20adviser%20as%20he%20sits%20in%20a%20meeting%20with%20his%20wife%20in%20her%20office.jpeg)](https://education.veritasrm.com/understanding-claims) #### [Understanding Claims](https://education.veritasrm.com/understanding-claims) ![Picture of Andrew Darlington](https://education.veritasrm.com/hs-fs/hubfs/DarlingtonFace.jpg?width=30&name=DarlingtonFace.jpg) [Andrew Darlington](https://education.veritasrm.com/author/andrew-darlington) : July 22, 2024 at 10:29 AM Understanding Common Aspects of Claims Resolution [Business Insights](https://education.veritasrm.com/tag/business-insights) [Workers' Compensation](https://education.veritasrm.com/tag/workers-compensation) [Claims](https://education.veritasrm.com/tag/claims) [Read More](https://education.veritasrm.com/understanding-claims) [![Working With Medical Providers](https://education.veritasrm.com/hubfs/Medical%20team%20at%20the%20hospital%20looking%20very%20happy.jpeg)](https://education.veritasrm.com/working-with-medical-providers) #### [Working With Medical Providers](https://education.veritasrm.com/working-with-medical-providers) ![Picture of Andrew Darlington](https://education.veritasrm.com/hs-fs/hubfs/DarlingtonFace.jpg?width=30&name=DarlingtonFace.jpg) [Andrew Darlington](https://education.veritasrm.com/author/andrew-darlington) : September 9, 2024 at 2:14 PM When a workers’ compensation claim occurs within your organization, it’s crucial to do everything you can to support the ill or injured employee’s... [Business Insights](https://education.veritasrm.com/tag/business-insights) [Workers' Compensation](https://education.veritasrm.com/tag/workers-compensation) [Read More](https://education.veritasrm.com/working-with-medical-providers) [![Cumulative Trauma Injuries](https://education.veritasrm.com/hubfs/Trauma%20-%20Printed%20Diagnosis%20with%20Red%20Pills%2c%20Injections%20and%20Syringe.%20Medical%20Concept%20with%20Selective%20Focus..jpeg)](https://education.veritasrm.com/cumulative-trauma-injuries) #### [Cumulative Trauma Injuries](https://education.veritasrm.com/cumulative-trauma-injuries) ![Picture of Andrew Darlington](https://education.veritasrm.com/hs-fs/hubfs/DarlingtonFace.jpg?width=30&name=DarlingtonFace.jpg) [Andrew Darlington](https://education.veritasrm.com/author/andrew-darlington) : July 10, 2024 at 10:24 AM Cumulative injuries are some of the most expensive and complex workers’ compensation claims an organization will deal with. These injuries typically... 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