According to the National Council on Compensation Insurance, there are numerous concerns that workers should think about when it comes to Workers’ Compensation insurance.
To gather this information, NCCI used a survey of more than 100 insurance executives. Based on their input, this is a list of the top four work comp concerns to consider.
1. Rate Adequacy
Due to the declining frequency of loss cost decreases, rate adequacy is an area that most insurance carriers have set a focus on. Additionally, rising inflation and unemployment also play a role.
2. COVID Impact
Something else to consider with work compact is the impact of COVID. Depending on your location, the presumption laws for infectious diseases may have undergone many changes, as has been the case across several states.
3. Changing Workforce Environment
As workplaces and workforces have adjusted to the pandemic and other naturally occurring changes, so too has the overall landscape. For example, many workers are now looking for more flexibility in their jobs.
4. Increasing Medical Costs
Something else you may be familiar with is rising medical costs. If so, you are far from alone. In the workers’ comp industry, medical costs remain a top concern even with the increased embrace of more affordable telehealth options.
With this list in mind, do any of these concerns impact you and your workplace? If so, how?