Westchester, IL (PRWEB) March 27, 2008
According to recent analysis by CompEraser, Inc. a significant portion of workers compensation costs remain uninsured. As part of its claim management services CompEraser's internet-based technology allows employers a unique way to estimate their uninsured costs using their own financial data. So far it has found that on a nationwide basis employers are averaging $3.10 dollars for every $1 of insured workers compensation claims.
These uninsured costs often include the lost productivity of the injured worker, overtime and extra expenses incurred to make up lost work, the cost of hiring and training replacement workers, the cost of investigating and administering the claim, damage to equipment and inventory and reduced product and service quality while the injured employee is off work.
According to Bill Reynolds, the President of CompEraser, an Illinois-based company pioneering the effort to help companies quantify and reduce their total cost of worker injuries: "Most business owners and financial managers intuitively know that these uninsured costs exist. The tragedy is that they have not had a fast, accurate way to quantify these costs. They simply could not fix what they could not see. So they are forced to rely on solutions that focus only on insured cost reduction, not the much larger uninsured costs.
These uninsured costs are actually the financial waste and inefficiency resulting from a worker injury. We are finding that every organization, no matter what the industry, is experiencing this waste to one degree or another. This waste hits their bottom line just like any other form of inefficiency. This translates into either higher, less competitive prices, reduced profits, or both. The good news is that once the total cost is quantified with credibility their decision to invest in worker safety in strategic areas is more easily justified. As a result, their cash flow and bottom line profits can be improved dramatically."
Business owners and financial managers who would like to learn more about CompEraser's services should call Bill Reynolds at (708)236-1750 or visit his website at http://www.comperaser.com.