workers comp
August 2, 2023
Workers’ Compensation State of Risk
Workers’ compensation provides essential coverage, and in many instances, laws require employers to carry it. Additionally, workers’ compensation has been the most profitable property and casualty (P&C) line of business in recent years. The National Council on Compensation Insurance (NCCI) reports six straight years of combined ratios under 90 and nine consecutive years of underwriting...
July 17, 2023
OSHA Launches New National Emphasis Program for Warehouse and Distribution Center Hazards
On July 13, 2023, OSHA launched a National Emphasis Program (NEP) to prevent workplace hazards in warehousing and distribution center operations, mail/postal processing and distribution centers, parcel delivery/courier services and certain high-injury-rate retail establishments. The NEP is expected to expire in July 2026. NEP Overview Under this three-year NEP, OSHA will conduct comprehensive safety inspections...
July 10, 2023
2023 Workers’ Compensation Insurance Midyear Market Outlook
Data from the National Council on Compensation Insurance (NCCI) shows that the workers’ compensation insurance market has performed as an outlier in the casualty space by producing positive underwriting results for nearly a decade, with the combined ratio remaining under 100 every year since 2014. This past year was no different; the combined ratio for...
July 6, 2023
Understanding the Experience Modification Factor
Workers’ compensation insurance is a crucial component of protecting employees in the event of work-related injuries or illnesses. It provides medical benefits, wage replacement, and other necessary resources to injured workers while also safeguarding employers from costly lawsuits. One important aspect that plays a significant role in determining the cost of workers’ compensation insurance is...
June 19, 2023
Artificial Intelligence and its Impact on Workers’ Compensation
Recent years have seen artificial intelligence (AI) surge in popularity. Such technology encompasses machines, computer systems and other devices that can simulate human intelligence processes. In other words, this technology can perform a variety of cognitive functions typically associated with the human mind, such as observing, learning, reasoning, interacting with its surroundings, problem-solving and engaging...
June 5, 2023
12 Tips to Promote Workplace Safety and Prevent Employee Injuries
Workplaces have gotten safer for employees over the years. However, accidents can still happen. When they do, they cost businesses thousands of dollars in medical expenses, undermine productivity and employee morale, and increase employee absenteeism. To help prevent the risks of workplace injuries, businesses can follow these 12 tips: 1) Create a Comprehensive Workplace Safety...
April 11, 2023
Rising Workers’ Compensation Expenses Linked to Facility Services Costs
A report from the National Council on Compensation Insurance (NCCI) examining countrywide medical cost trends revealed that health care facility services costs accounted for 40% of workers’ compensation expenses during 2021 and increased by an average of 3% throughout the past decade. Although specific trends varied by facility type, the report found that the two...
March 22, 2023
Defining an Occurrence in Insurance
Going as far back as the 1973 policy’s insuring agreement, the insurer pledges to pay on behalf of the insured all sums the insured becomes legally obligated to pay as damages because of bodily injury or property damage caused by an “occurrence.” The current CGL form employs simplified language to promise: “We will pay those...
February 13, 2023
Four Benefits of Quickly Reporting Workers’ Comp Claims
Workplace injuries are a reality that many small businesses face — especially those in higher-risk industries such as manufacturing, construction and transportation. Workplace accidents happen, regardless of the industry, so it’s important to understand the benefits of efficient reporting of workers’ comp claims. The amount of time it takes to report claims can have a...
February 8, 2023
Long COVID’s Effect on Workers Comp Costs Remains Unknown
Workers compensation claims involving long COVID may rise this year, though cost projections are hard to come by, experts say. In January, the Workers Compensation Research Institute reported that comp claims with long COVID had higher-than-average medical payments and indemnity payments and longer durations of temporary disability than regular COVID-19 claims. “In particular, we found...