Every 10 minutes, 729 people suffer an injury severe enough to require medical attention. In this short amount of time, life can change quickly for those affected.
While the cost of providing workers compensation coverage varies based on risk and industry, in 2012, these costs were approximately $1.32 per $100 of covered wages. Workers' compensation covered about 127.9 million employees, paying a total of $6.3 trillion in benefits to covered workers.
Throughout the insurance industry, we've heard success stories about cost containment and risk management tactics companies have used to lower workers' compensation claims. However, brokers should emphasize to clients that their workers' safety plays a much larger role in the overall success of the business. Fortunately, brokers have tools at their disposal to help clients develop a broader strategy to alleviate the frequency and severity of workers' compensation claims.
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