The severity of Workers’ Compensation claims is rising in the insurance industry. At the National Council on Compensation Insurance (NCCI) Annual Issues Symposium held earlier this year, NCCI showed data confirming an industry-wide trend in increasing claim severity. The aging workforce, medical inflation from expensive technology, and rising wages leading to higher indemnity costs are some of the reasons claims severity is increasing, according to Business Insurance.
One common misstep companies can make during a Workers’ Compensation insurance claim is to cut off communication with the involved parties. Communication is a vital method to keeping down costs related to this aspect of insurance, and injured workers want to be kept in the loop with the process.
Additionally, proactive strategies at your workplace can help reduce the likelihood of Workers’ Compensation claims. Consider these key methods to reduce Workers’ Compensation claims:
Businesses should remain proactive when considering ways to reduce Workers’ Compensation claims. Any lapse in these areas could have negative effects throughout the company and to your bottom line.
For more information on the ins and outs of a Workers’ Compensation claim, click here.