Blog Tag: Workers' Compensation
Employees have spoken – paid time off (PTO) is important. In fact, a good PTO policy is one of the most valued benefits among job seekers. According to a recent survey, flexible hours and more vacation time ranked among the top three job perks people look for – right behind better health insurance.¹
America’s aging population is growing at a rapid rate. There are roughly 56 million Americans over the age of 65, and that number is predicted to climb to 84 million in just three decades. As this demographic steadily grows, so will the need for senior care assistance.
Looking to hire a new employee? An accurate job description serves as a great starting point to find and hire the right worker for an open position. But if you’re only using it for hiring, you might be missing out on some of the best applications for this useful resource.
High seas, salty air and sword fights. It may be hard to believe, but the first historical accounts of workers’ compensation are linked to pirates. As motivation to participate in this dangerous trade, they were often rewarded in gold if they sustained significant injuries. The bigger the sacrifice, the bigger the reward.
Each year, employers spend billions – yes, billions of dollars resolving issues related to overexertion injuries. In fact, these claims have been repeatedly identified as the leading cause of disabling workplace injuries in the United States. What’s more important, however, is that many of these injuries can be prevented through the application of a few ergonomic analysis tools.
An Accident Waiting to Happen
Car accidents happen in the blink of an eye – a split second that turns a casual drive into a frightening collision. It doesn’t take long for panic to set in. You become worried about your passengers, yourself and your vehicle. One of the few calming factors during all of the chaos is knowing that this is what insurance is for. Accidents happen and insurance comes to the rescue. Right? Well, not always.
Would you accept a financial contract from your bank that required you to pay a term interest rate of 150%? Of course not – that would be an unfair deal! So it is a bit puzzling why so many business owners accept highly unfavorable terms when it comes to their workers’ compensation policies. When claims go unmanaged and experience modification factors are left unchallenged, policy premiums can skyrocket. The good news is that workers’ compensation is one of the most controllable lines of risk.
Getting hurt on the job can be a pain – in more ways than one. Expensive medical bills and lost time at work often follow serious injuries, making an already bad situation worse. Many states have a statute that requires employers with one or more employees to provide workers’ compensation coverage. Sometimes, however, states exempt certain employees from this mandate. For example, Nebraska exempts federal employees, railroad employees, most volunteers and casual workers, independent contractors, household domestic servants and some employees of agricultural operations. Exempting classes of workers from the statute does not mean that an employer can’t be held liable if an injury, illness or death occurs; it simply means that an employer is not subject to a state’s workers’ compensation law to insure those employees. It also means that those individuals are not restricted by the offerings of the workers’ compensation system and, in the event of injury, illness or death, they can sue the employer. If they can prove negligence, their potential payout could far exceed what the law would have allowed under the workers’ compensation policy.
Accidents happen. We grew up hearing this phrase. While we try our best to prevent and avoid workplace injuries, the reality is that accidents can and will happen. That is why employers have workers’ compensation policies.
When it comes to these types of claims, however, some employers don’t seem to fully understand all of the related costs. It is generally understood that when claims arise they have several direct costs. These normally include medical costs and indemnity payments. It could also increase the insured’s premium at renewal time because more claims typically lead to higher premiums. But many people fail to consider the deeper financial impact that goes beyond claims costs and renewal premiums in the form of indirect loss costs. When we look at Total Cost of Risk (TCOR), indirect loss costs play a significant role.