Is there any form of insurance more critical than workers compensation? Well, this is one of the most popular insurance policies and actually the first type of social insurance to be introduced in the United States. It provides medical benefits and financial handouts to people working in every type of job in the country. No matter the nature of your job, accidents are always possible and that is why business owners in every American state with the exception of Texas are required by law to purchase workers compensation insurance. This form of insurance has come in handy for many workers in the past and current employees covered under the system will be relying on it if the unexpected happens in future.
Workers compensation insurance trends have been compiled by various agencies for many years and taking a look at the data makes it clear that costs have been surging rapidly in the last decade or so. Data from the Bureau of Labor statistics indicate that the amount of money spent by insurers under workers compensation all over the country amounted to $56 billion in 2004. However, in 2007 the figures skyrocketed to nearly $70 billion and according to the data, strains were the number reason cited for claims filed. This therefore accounted for almost 41 percent of the total amount paid in workers compensation benefits for the year. Other medical conditions that were prevalent in that year included lacerations, contusions and fractures.
Physical Injuries Make Up Majority of Workers Compensation Claims
Physical injuries obtained by employees on the job account for majority of workers compensation claims in the country and this trend seems like not experiencing any changes in the near future. This is because injuries obtained from incidents such as falls, machine accidents, electrical shocks, etc. are quite easy to prove when a claim is filed. It must be noted that nearly 50 percent of workers compensation expenses are made in the treatment of injured employees as well as those suffering from other health complications. Workers compensation laws require that injured employees be given weekly financial benefits to make up for any lost wages while the injured party is in hospital or at home recuperating from an illness or injury. Since most employees involved in work-related injuries and illnesses require at least a couple of weeks to recover from their health complications, they are given weekly paychecks to help sustain them financially. More than half of the annual workers compensation costs are spent on these payouts.
Another important thing is that most workers compensation claimants are those that suffer physical injuries. Since these employees utilize a lot of their strength in their everyday duties, they are only able to return to work after recuperating fully. Failure to do this could expose them to even more accidents. Employers looking for early return periods for such employees may therefore have no option but to place them in light duty capacity areas and this often means that they will be experiencing a reduction in their wages. Weekly financial payouts therefore help such employees makeup for their lost wages. Statistics also indicate that the highest number of injuries under workers compensation is sustained by those in construction, farming, fishing, etc.
Source: http://ogletreeabbott.com/blog/2012/02/detailed-analysis-of-workers-compensation-trends/
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Source: http://ogorcof.posterous.com/detailed-analysis-of-workers-compensation-tre
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