Worker’s Compensation risks have grown more demanding for companies over the past year. Downsizing, rising healthcare costs and rising claims has the industry making some changes. The overall industry and expected double-digit price increases in 2013. Nationwide rates were up 2-5% in 2012 and, for 2013. In some cases insurance carrier are citing the necessity for rates to increase an additional 12-18%.
Additionally, the experience rating method is being revised from the National Council on Compensation Insurance (NCCI) for the first-time in 25 years. The emphasis will be switched by the new formula from Loss Frequency to a far more even harmony between Loss Severity and Loss Frequency.
Combined, these changes are likely to impact many technology firms.
TechAssure members have solutions to help manage the impact on your organization. Contact a member today and ask about the solutions and program design that can help drive down your costs.