Workers Comp Premium Costs To Rise in 2009

I read with interest, Paul Winston’s “Commentary” in Business Insurance, Dec 8. Mr. Winston was discussing how the property/casualty market is tightening. He states, “After a few years of soft market conditions, this year has seen an increase in catastrophe losses, a collapse of liquidity and the disappearance of excess capital. In addition, with giants like AIG in trouble, and many other insurers in a weakened position due to catastrophic investment losses, the demand for highly rated, secure insurers outstrips supply.” He makes the point that if the economy were better, companies might be better able to invest in creation of alternative market facilities; however, that’s not the case.

What does this mean for you? WC premiums are going up. I can see it in my consulting practice already. Companies are looking for solutions. It’s time for companies to pay attention to what they “CAN DO” to reduce the costs within their deductible levels. That means, employers need to TAKE CHARGE, make sure their safety and loss control programs are top-notch and they have post injury processes in place.

Over the past 4 years, companies tended not to pay as much attention as necessary to their internal workers’ compensation cost control programs, and as a result costs have risen for many. Now is the time to take action by implementing a program quickly to show underwriters and brokers the operational steps you have taken to maintain control over workers’ comp processes. Our website is devoted to helping employers reduce their workers’ comp costs. We use a “best practice” approach.

For more cost-saving tips go to WC Cost Reduction Tips.
Show the REAL cost of workers’ comp with the Real Cost Calculator.

Workers’ Comp Kit^® is a web-based online Assessment, Benchmarking and Cost Containment system for employers. It provides all the materials needed to reduce your costs significantly in 85% less time than if you designed a program from scratch.

Do not use this information without independent verification. All state laws are different. Consult with your corporate legal counsel before implementing any cost containment programs.