January 11, 2016
Workers’ compensation costs are on the rise. According to the 2014 Liberty Mutual Workplace Safety Index, the most disabling workplace injuries and illnesses in 2012 cost U.S. employers nearly $60 billion in workers’ compensation (WC) costs.
Additionally, the cost breakdown of WC has changed. The indemnity costs – compensation for damages or loss – traditionally were nearly 60 percent of total costs, while only 40 percent went to medical expenses. By contrast, today’s WC costs are 40 percent or less for indemnity and 60 percent or more for medical.
It is more critical than ever for employers to create a healthy and safe work environment in order to minimize the frequency and rising medical costs of their WC claims.
Read Full Article At Ehstoday.com
