Having workers’ compensation is not only a requirement in many places, but can make a big difference for your employees in terms of morale and safety. In 2021, workers’ compensation is seeing some interesting trends that could change the way your insurance deals with helping injured workers and getting them healthy and back to work. Whatever type of business you run, these trends could have a significant impact on the types of insurance coverage you choose and the way you go about handling workers’ compensation claims. Keep an eye on these rising 2021 workers’ comp trends this year.
COVID-19 Exposure May Change Illness Compensation and Premiums
The COVID-19 pandemic that spread worldwide in 2020 has exposed countless workers in all industries to possible infection, which could have significant consequences in how workers’ comp policies deal with illness compensation and more. For example, those who became infected with COVID-19 while on the job may be entitled to compensation. Simultaneously, the pandemic has also caused many businesses to shift to remote work or adjust employees’ workplace roles, which may cause a difference in the workers’ comp premiums the company will have to pay. In some cases, premiums could go down if the company can demonstrate that, due to remote work, exposure risks have been significantly reduced.
Claims Involving Multiple Comorbidities Could Become More Common
One particularly concerning trend that has been on the rise in 2020 and may continue into 2021 is the uptick in comorbidities on workers’ compensation claims. Comorbidities are multiple medical diagnoses in one worker that can complicate their recovery and cause your company’s premiums to go up. Examples of common comorbidities can include, but are certainly not limited to:
- Anxiety or depression
- Substance addictions and abuse
Mega Claims May Be on the Rise
Another trend that may continue throughout 2021 is the rise in mega claims, or claims that are typically worth millions of dollars in total losses. Mega claims usually arise when a worker experiences a serious and possibly even permanent workplace injury. It’s common for many mega claims to arise from automobile accidents or falls from equipment, but the development of illness over time due to hazardous working conditions is another possible cause. To prevent mega claims, make sure your business provides a safe work environment and follows security regulations.
To keep up with other companies’ care offerings and stay on top of changing workers’ comp requirements, it’s important to keep an eye on the latest trends. 2021 is sure to bring several changes to how workers’ compensation is structured, and you may want to track these trends to help you decide whether your business’s insurance coverage will need subsequent adjustment.
InsureMyWorkComp is a digital brokerage that helps clients find the right workers’ compensation solution for their business needs. Unlike other online platforms, we will help you to work with an agent who can provide you the right solution for your risk profile. Our staff has over 50 years of workers’ compensation underwriting and sales experience, and we are confident that we will provide you the support that you need. For more information or to get a quote, contact us today at (855) 340-9138.