You Better Work: Identifying And Preventing Fraud In The Workplace

While most property/casualty insurance claims are legitimate, the National Insurance Crime Bureau says studies indicate that 10 percent or more of all claims are fraudulent. Workers compensation insurance fraud is not only illegal, but the Coalition Against Insurance Fraud says it also costs businesses billions of dollars each year and can lead to higher insurance premiums for policyholders.
There are three main types of workers compensation insurance fraud directly impacting the industry today: policy-related fraud, claims-related fraud, and medical provider fraud. To protect all stakeholders in the workers compensation insurance industry—including injured employees, policyholders, carriers, and others—it is essential to be aware of the different types of fraud and understand the best practices for mitigating occurrences.