The Cost Of Serious Workplace Injuries Is On The Rise

Employee benefits, risk management, commercial insurance

Our firm is passionate about helping your business effectively manage your total cost of risk. Running any business comes with a number of hazards that we must accept, but there is no reason to take on extra risk that is unnecessary. Depending on your industry, you and your employees might be a higher risk for injury than other markets, that does not mean you have to accept the exorbitant costs that can come from workplace injuries and workers compensation benefits.

The businesses that can respond to these costs with flexibility and adaptation are the ones that not only survive, but thrive over the long haul. TCOR Management is here to help you manage the risks you are facing and all the costs that can follow with them. We bring an enterprise-wide approach to helping you find sound risk management strategies that will protect all aspects of your company.

Workers Compensation Cost Is Climbing Despite Reduced Workplace Injuries

-According to the 2018 Liberty Mutual Workplace Safety Index, since 2017, the rate of serious workplace injuries has dropped by 1.5%, and yet the cost of medical bills and lost-wage payments have gone up by 2.9%

The cost of injured workers has been steadily rising even though the number of overall incidents is dropping. To mitigate the possible costs of the risks you are facing as an organization, you need a partner that understands the practices that are the most hazardous and what sources of danger exist in your workplace.The Liberty Mutual Workplace Safety Index listed multiple sources of injured employees and ranked them by often each one has occurred. The top causes of workplace injuries or illnesses in 2018 were:

  • Overexertion
  • Falls on the same level
  • Falls on a lower level
  • Struck by object or equipment
  • Other exertions or bodily reactions
  • Roadway incidents involving motor vehicles
  • Slip or trip without fall
  • Caught in or compressed by equipment or objects
  • Struck against object or equipment
  • Repetitive motions involving microtasks

Workman’s Comp Claims Are A Fact Of Doing Business

Some of these types of injuries are unavoidable accidents, but others are preventable. It is your responsibility as an employer to protect employees from being injured on the job and defend your business continuity with workers compensation programs. Workers compensation management is essential to help your workers receive medical treatment and avoid possible legal action against your organization. In the United States, it is a right among most workplaces for employees to make workman’s comp claims to help cover medical expenses or for lost wages while recuperating.

Workers Compensation Management

Employee benefits are a crucial part of the common workplace today. Quality benefits attract superior employees and secure their retention for years to come. Health insurance and the ability to file a claim are benefits that are good business practices to keep your employees happy and healthy. However, health care and worker compensation insurance do not have to be a burden on your business.

With workers compensation claims management and risk control services, TCOR Management can protect employers and ultimately help maintain the businesses they operate. Thanks to the rising prices of workers compensation and medical care, risk management is no longer enough to secure the future of your business all on its own. We approach this issue with a layered approach to the continuity of your company with services including:

We will also work with you to deliver the best employee benefits while still managing your overall costs as an organization. At TCOR Management, we use our expertise to find those meeting points between your risks, your vulnerabilities, and your assets. We leverage our services to bring a layer of control to protecting your assets and being proactive about your risks. To learn more about the rising costs of workplace injuries and how we can help you mitigate those expenses, contact TCOR Management today.

2019-03-22T13:55:34-05:00