Workers’ Compensation: Issues to Watch

The benefits (and hazards) of workers’ compensation are always changing. Be sure to stay on the forefront, and learn more about the latest issues and developments which will impact the productivity of your business.

    • Rates are going up. Workers’ compensation insurance rates continue to climb, due to various factors. It’s important for your business to implement various corrective measures, such as utilization review protocols, to keep your business on track for profits.
    • There’s more consolidation. More and more workers’ compensation providers are consolidating their services, which limits both price competition and options for the end users. Be sure to shop around.
    • TRIPRA’s looming expiration. The Terrorism Risk Insurance Program Reauthorization Act currently provides additional coverage in the event of a terrorist attack. However, the act is expiring on Dec. 31, which could impact the way your company policies operate. Be sure to look into the effect that TRIPRA’s expiration might have on your business.
  • The ACA has led to more workers utilizing healthcare services. Increased enrollment in healthcare services will also affect the cost and usability of workers’ compensation, so be aware of the rates in whichever state your business operates.

Learn more: http://www.insurancethoughtleadership.com/articles/workers-compensation-issues-to-watch-in-2014#axzz31btUHJll