As we enter 2025, the U.S. workers’ compensation insurance market is anticipated to maintain its stability, though several emerging trends suggest potential challenges ahead. MARKET STABILITY AND RATE TRENDS Nationally there is an overall average reduction of 6.0% in workers’ compensation premium rates for the voluntary market in 2025. Pennsylvania saw the biggest decrease at […]
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The Strategic Importance of Proactive Claim Reviews In the intricate landscape of workers’ compensation, managing claims efficiently is more than a necessity—it’s a strategic operation that directly influences a company’s financial health and risk management. Failure to proactively manage workers compensation claims can has negative outcomes from increased litigation to increased costs. As a best
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If your business purchases a workers’ compensation insurance policy, you’re likely familiar with the term “experience modification factor” or “experience mod.” This number is a reflection of your company’s safety record compared to that of your industry peers and directly influences your insurance premiums. Did you know that in 13 states the way they use
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Consent to rate is a term used by insurance companies to charge more premium than typically allowed. Why? Well, in workers’ compensation, either the state sets the rates to be charged on workers’ compensation classifications or the insurance company has filed their individual rates that they intend to charge each classification. Insurance companies can only
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Let’s talk Farm Safety. Agriculture, at its core, is not just a vital industry for food production but also one that comes with its unique set of risks and challenges, especially during the labor-intensive spring planting season. As the preparations begin on the farm for planting begin, it becomes crucial to emphasize safety and effective
FARM SAFETY GUIDE – SPRING 2024 Read More »
Managing the operational costs effectively for your business is important to the overall financial health of the company. For long term success of any business, properly developing a strong risk management and comprehensive insurance program is crucial. A key part of any risk management plan or insurance plan is workers compensation coverage which is based
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UNDERSTANDING WORKERS COMPENSATION POLICY AUDITS: A COMPREHENSIVE GUIDE FOR BUSINESS OWNERS AND POLICY MANAGERS Workers’ compensation policy audits play a pivotal role in ensuring that premiums are accurate and reflect the actual risks and operations of a business. Misunderstandings and errors in these audits can lead to either overpayment, underpayment or potential legal complications. It’s
OVERVIEW On January 10, 2024, the U.S. Department of Labor published a final rule that will go in effect on March 11, 2024. This rule revises the Department’s guidance on how to analyze who is an employee or independent contractor under the Fair Labor Standards Act (FLSA). This final rule rescinds the Independent Contractor Status
NEW RULE – EMPLOYEE OR INDEPENDENT CONTRACTOR? Read More »
The Experience Mod, also known as the experience modification factor, experience mod, x mod, and EMR, is the number that represents a company’s likelihood to have future injuries. It considers the company size and industry. In other words, it is your company’s safety score regarding your workers’ compensation insurance coverage. Expected Losses and Actual Losses
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Despite its strengths, the market navigates through several challenges. Inflationary pressures, particularly in medical and wage sectors, are slowing the rise in claims costs but remain a concern
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