1. Workers’ Compensation Insurance Protects Your Company. The primary purpose of Workers’ Compensation Insurance is to provide coverage for health care costs to an employee injured on the job. If Workers’ Compensation is mandated in your state of operation you must carry this coverage to avoid your company being liable and subject to fines by
One of the principal cost drivers of workers’ compensation claims are medical expenses for the treatment of job-related injuries and illnesses. Important indicators of how some claims become high dollar expenses are claims with a comorbidity diagnosis (multiple medical conditions or ailments) which, studies show, are likely to generate twice the cost of other claims.
Over the last ten years, the dramatic rise in health insurance premiums has dominated the headlines. The premium increases are a reflection of the escalating cost of medical services. In the shadow of the health insurance predicament is the same upward pressure on medical expenses within the Workers’ Compensation system. On the job injury claims,