Employers if you have yet to prepare for increased costs, get ready, because here it comes!

Employers if you have yet to prepare for increased costs, get ready, because here it comes!

The cost of claims in work related injuries and illnesses continues to skyrocket in California. 

 

The latest data indicates about a $1 Billion increase from 2010 to 2011 in the expenses to the insurance industry to handle workers’ comp claims.  Of course these costs will be passed on to employers, because workers’ comp, unlike other forms of insurance, is just a means to finance workers’ comp claims.

 

Actually, workers’ comp is like a line of credit.  Use it and you pay it back plus more.

 

This trend of increasing cost  is so great that employers in California can expect dramatic increases in their premiums when their policies renew.  

 

All indications of past workers’ comp pricing cycles is that it is expected that the increasing costs of the workers’ comp system will continue for some years and therefore employers need to be prepared for these additional expenses for some time.

 

Those employers who have had a history of claims  will have a greater unpleasant surprises from their insurance company bills upon the renewal of their insurance for 2012 to 2013.  They will incur greater increases compared to the average.

 

As difficult as these times are, employers need to be more involved in the selection and management of their staffs.  They need to partner with advisors who can provide the resources and coaching to get the best outcomes.   By best outcomes I mean:

 

·         Having the right employee fit the right job

·         The best medical treatment to get the injured employee well

·         Returning the injured worker to employment quickly so they can heal faster and remain productive

·         Manage the costs for ongoing and future medical treatment for the worker to keep employer costs appropriate for each injury

 

The link to a summary of this data is here for you to review.

 

Contact me if you feel you are being underserved or a not receiving any of the resource support to obtain the best outcomes, as well as, the attention that you would like for your to work place safety program, compliance and management of your workers’ comp claims.

 

I can be reached via email at tbone@isugroup.com or you may call me at my office 916-265-3837.

 

 

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Contact

Tom Bone
Risk Insurance Advisor
ISU Insurance Services
2266 Lava Ridge Court
Roseville, California 95661
Phone 916.960.8758 or 800.823.4852 ext. 8758
Fax 916.773.4484
Mobile 925.285.6790
Email tbone@risksnthreatsmatter.com
License #0306692

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