Some Frightening Statistics about Workers’ Compensation Costs

Below are some statistics about workers’ comp costs and some things to consider when looking to cut costs.

Also, we invite you to participate in a new survey designed to gather additional statistical information about what is going on in the insurance industry. Here is a link to the survey:

http://www.nationaljobfinders.com/poll-question/

All participantants (who provide an email) will receive a copy of the results.

Did you know?
The median incurred benefits cost for workers’ compensation cases exceeding 7 days is $31,161.00, not including reserve requirements.

Did you know?
The Difference in Average costs from 12 month marker to 36 months could result in an Average savings of $72,908 dollars per case. (Michigan Sample)

Did you know?
The benefit delivery expenses increased on average 7.8% from 2006-2007 and are continuing to go up.

Did you know?
Permanent partial disability cases account for an average of 18.6% of workers’ compensation cases and 46% of cases over 7 days.

Did you know?
The average total cost per claim on cases greater than 7 days increased 4.8% from 2006-2007.

Cutting Workers’ compensation costs are a great way to increase your bottom line. To determine how much, you may want to research the following questions to determine where money can be saved or freed up.

1. Do you know how many of your employees are currently out on workers’ comp?
2. How many cases do you have over 3 years old?
3. How many cases were released with restrictions (or no restrictions) over a year ago?
4. What is your average wage loss benefit cost per case? (workersxzcompxzkit)
5. How much do you have sitting in reserve that could be released if you could close all of your permanent partial disability cases in the next 3 months?

Katrina Paglierani, National Job Finders finds jobs for injured employees, performing job searches for injured workers’ with permanent restrictions to locate REAL jobs. National Job Finders sets up the interviews, notifies all parties, and follows up with their human resource contacts at the prospective employers. Contact at: [email protected] or 1-800-225-4070.

TO DOWNLOAD OR LISTEN TO FREE AUDIO PODCAST click here: http://www.workerscompkit.com/gallagher/mp3
By: Anthony Van Gorp, private investigator with 25 years experience.

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