Cornerstone Insurance Agency Blog
Due to the pandemic, economic challenges have required employers and companies to identify potential risks and trends in their insurance coverage, including worker's compensation insurance.
Worker's compensation insurance (WCI) encompasses salary losses and employees' medical and rehabilitation expenses who incurred work-related injury. All American states require WCI to safeguard employees' health.
Read on to determine the considerations needed to be addressed by employers when preparing for a worker's compensation program this 2021.
Statistical Status of WCI
Marsh Data showed that overall worker's compensation costs decreased by over 5% in the third quarter of 2019. Insurance companies nowadays want to offer WCI to counteract the low profitability in auto and general liability insurance, minimizing their financial pitfalls.
Employers are challenged to present more information about workers' compensation regarding payroll, history of loss, worker's concentrations, and ensure clear renewal strategies by brokers to reduce financial losses.
Trends Influencing WCI
Employees should be able to consider these trends may affect the implementation of worker's compensation insurance this 2021:
Employers are now faced with challenges to prepare for compensation programs that cater to employees’ changing needs and ensure extended insurance coverage and renewal.
At Cornerstone Insurance Agency, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (888) 661-8831 or Click Here to request a free quote.