The insurance market in America is now facing the results of taking their eye off the ball in relation to managing rehabilitation and return to work for injured workers. In the USA, this year brings a host of changes in workers’ compensation of particular importance to businesses, especially in terms of controlling costs. Experts seem to disagree as to which of these changes will have the most impact, however, they all agree on one thing: workers’ compensation insurance is going to be insane in the USA in 2014.
In many states in the USA, rates will increase as the amount of money the insurance company charges for workers’ compensation continues to rise (to cover increasing cost of claims as injured workers are refused assistance to return to work). However, this is not universal. Businesses in some states of the USA can actually expect slight decreases. Even in these outlier states of the USA, insurers are being much more selective about what companies they choose to insure. What these rate increases mean is that companies in the USA will be writing a bigger cheque for workers’ comp in 2014, even if the business hasn’t grown substantially.