Workers Compensation Issues to Look out for this 2020

​A new decade also brings new updates. This 2020, there are emerging issues regarding workers' compensation that you might want to watch out for before getting worker's compensation insurance. It is noticeable that many of these issues concern beyond our usual focus on workers’ comp and healthcare.

2020 Workers Compensation Issues
It is essential to have updates regarding workers' compensation. Being conscious of the issues this topic comprises is beneficial to raise both employer and employee awareness. We also listed the issues relating to risk and workforce management with employee benefits that impact employers.

1. Healthcare Watch and Evolving Health Technology Models
   Healthcare coverage continues to be an issue as there is uncertainty about what our future coverage model entails. Regardless of the delays, content is complex, and any system-wide changes will require years of effort before being implemented. There is an expected rise of employer-led solutions in 2020 with healthcare programs, less disability duration, and advocating the best of care for common conditions. Community and local care are also prominent with tools that track health metrics and protect personal health information. 
   
   
2. Safety and Loss Prevention
   New technological advancements assist in safety and risk management. More digital gadgets are wearable, promoting safer behaviors and drones to supervise dangerous working conditions.  Still, there are minimal actions to decrease injuries related to workplace violence. This challenge is prevalent in the fields of healthcare, retail, and hospitality.
   
   
3. Markets and Rates
   There is a downward trend in the rates for workers’ compensation guaranteed cost insurance. On the other hand, claims costs are continually rising, accompanied by a decline in accident frequency that has offset these increasing costs. Still, the focus of the retention marketplace is on accident severity. Increased accident survivability, longer life expectancies, and new medical technologies indicate that the industry perceives more expensive individual workers’ compensation claims than before.  Moreover, lower returns on investments in bonds could influence premium rates as the insurance industry relies on these instruments.

Conclusion:
As an employer and employee, one should be aware of the emerging issues on works compensation this decade. The problems mentioned above are just some of the significant difficulties regarding workers’ compensation that you might want to consider before getting workers' compensation insurance.

At Cornerstone Insurance Agency, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (888) 661-8831. Get your free quote today by CLICKING HERE.