The number-one workers’ compensation insurance concern of employers for the next 12 months is cost containment, a new study shows. In its report of 3,500 employers, SaaS solutions provider
Among the companies surveyed, 54 percent reported a payroll increase in the last year, while 21 percent reported a decrease and 24 percent said their payroll did not change. Almost half (48 percent) reported a premium increase in the past year, while 28 percent reported a decrease and 24 percent said their premiums stayed the same.
Other survey results include:
* Participants said the most effective measure they took to control workers' comp cost was having a safety-minded culture (65 percent).
* Of the 63 percent of employers who reported having a written safety manual, 48 percent indicated the manual had been reviewed within the past year.
* While 59 percent indicated that a light-duty or return to work program was an effective or highly effective method of controlling costs, only 45 percent of respondents reported having a written return to work policy.
* Other popular cost control measures were, in order of popularity, onsite accident evaluations, loss prevention evaluations, zero-accident goals, having a dedicated claims manager, safety committee efforts, and using a preferred occupational medicine facility.
* After cost containment, employers expressed notable concerns about increasing exposures (35 percent), renewals (35 percent), and rising fraud behaviors (31 percent). Market availability was a concern of 26 percent of respondents, and just over 20 percent were worried about carrier stability.
* Companies reported having a safety director (54 percent) more often than a risk manager (29 percent), although duties of these personnel may often be similar. In cases where a safety committee existed (48 percent), 81 percent indicated the committee was empowered to engage policies and corrective actions.
* Of companies who reported being experience rated, 88 percent either did not know the value of their loss-free rating or were not familiar with the term.
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|Source:||Source Media, Inc.|