Triple-I: Workers Compensation

JUNE 10, 2024

I recently assumed responsibility for forecast modeling of the property/casualty industry, which includes workers comp. According to NCCI, the success of the workers comp line in recent years represents the convergence of three factors: Payroll increases Moderate severity increases, and Larger-than-expected frequency declines.

Workers Comp 40

Workers Comp Workers Compensation Compensation Claim 40

AMAXX

OCTOBER 8, 2024

In the world of workers’ compensation, one of the most powerful strategies for managing costs while helping injured employees return to work is the implementation of a transitional duty (TD) program. Transitional duty allows employees to return to the workplace in a modified capacity while they continue to recover from their injuries.

Workers Compensation 78

Workers Compensation Compensation Workers Comp Injury 78

AMAXX

AUGUST 7, 2024

Misclassification can lead to costly errors, either by overpaying premiums or by facing penalties for underreporting risk. Each classification is assigned a code, which corresponds to a certain level of risk associated with that type of work. The higher the risk, the higher the workers’ compensation premium for that classification.

Workers Compensation 74

Workers Compensation Compensation Workers Comp Premium 74

Risk Management Monitor

DECEMBER 20, 2022

Claimant fraud and premium fraud are two of the most well-known types of workers compensation fraud. In these cases, a worker may intentionally fake an injury (claimant fraud) or a business owner may misrepresent their employee headcount or incorrectly classify employees to obtain lower insurance premiums.

Workers Comp 40

Workers Comp Workers Compensation Compensation Claim 40

AMAXX

AUGUST 21, 2024

Will the Injury Require Future Medical or Surgical Interventions? The need for surgery often signals more serious injuries, which not only have higher immediate costs but also pose substantial risks for future complications. Failing to recognize this can result in significant under-reserving.

Workers Compensation 92

Workers Compensation Compensation Workers Comp Injury 92

AMAXX

JULY 15, 2024

This delay typically occurs when there is uncertainty about whether the injury is work-related, resulting in neither workers’ compensation nor general health insurance covering the initial treatment. Example: Consider John, who reports a shoulder injury first thing on a Monday morning.

Workers Compensation 52

Workers Compensation Compensation Claim Workers Comp 52

AMAXX

JULY 1, 2024

The ultimate goal should be to treat all injured employees with respect and dignity while vigorously defending these claims to ensure excessive monies are not spent in handling the file or taking unnecessary risks at the hearing. There are also questions about whether an injury will be permanent during surgery.

Workers Compensation 52

Workers Compensation Compensation Workers Comp Injury 52

AMAXX

AUGUST 13, 2024

The government has strict mandates to ensure these benefits are not commingled with monies paid to injured individuals for injuries expected to be covered by another third party, i.e., the employer or insurer. What Are the Risks and Consequences of Mismanaging MSAs? In short, Medicare is always a secondary payer.

Workers Compensation 79

Workers Compensation Injury Compensation Workers Comp 79

New Jersey Workers' Comp

JUNE 20, 2024

The court noted that even an injury stemming from gross negligence is insufficient to satisfy the intentional wrong exception. The court reasoned that not all fires lead to injury or death. In this case, the court observed that the shop owner was exposed to the very same risk. The court quoted from Richter v. Oakland Bd.

Workers Compensation 52

Workers Compensation Compensation Injury Claim 52

Risk Management Monitor

SEPTEMBER 21, 2021

Spotting problem areas and opportunities sooner makes it easier to develop and implement steps to reduce risk pre-loss and better control costs post-loss. This often includes the risk manager, and may also encompass employees from legal, human resources, safety, operations and even the CFO, in some cases.

Claim 75

Claim Injury Workers Compensation Risk 75

Risk Management Monitor

MARCH 30, 2022

The training and checklists should provide guidance on solutions and adjustments that employees can implement in their workspaces to achieve maximum comfort and avoid the risk of injury. Retaining employees. In November 2021, a record 4.5 Implementing wellness routines can also help keep employees physically and mentally healthy.

Injury 40

Injury Risk Workers Comp 40

LexisNexis

SEPTEMBER 9, 2024

Illinois Workers’ Comp. The court agreed that the fact that the inspector was not traveling at the time of his injury was not controlling. His injuries, even on the employer’s premises were, therefore, compensable. Workers’ Comp. Employee’s Injuries Sustained Shortly After Clocking Out Are Compensable.

Workers Compensation 40

Workers Compensation Compensation Injury Workers Comp 40

Risk Management Monitor

JULY 26, 2022

When the average workers compensation claim is around $40,000, taking steps to mitigate workers compensation risks and better manage claims can be a great opportunity for any business to both ensure the safety of its workers and protect the bottom line.

Workers Compensation 40

Workers Compensation Compensation Claim Building 40

AMAXX

SEPTEMBER 23, 2024

This repeated exposure to risk increases the likelihood that larger claims might occur in the future, which alarms underwriters. Since it doesn’t signal a systemic issue, it has less predictive value in determining future risks. More frequent claims increase the employer’s perceived risk, leading to higher premiums over time.

Workers Compensation 59

Workers Compensation Premium Compensation Workers Comp 59