Understanding the process of acquiring workers' compensation insurance is crucial. This insurance provides essential benefits for employees who suffer job-related injuries or illnesses and is typically considered a mandatory business insurance in most states.

A report from the National Council on Compensation Insurance (NCCI) found that the current inflationary environment has contributed to rising medical costs and workers’ compensation expenses across the country.

A report from the National Council on Compensation Insurance (NCCI) examining countrywide medical cost trends revealed that health care facility services costs accounted for 40% of workers’ compensation expenses during 2021 and increased by an average of 3% throughout the past decade.

Legislation surrounding the gig economy, single-payer health insurance and marijuana legalization all have the potential to impact the U.S. workers’ compensation system, according to a National Council on Compensation Insurance (NCCI) report. Digital platforms such as Uber ushered in a modern gig economy and renewed public discourse on worker classification.

When a workplace incident occurs, it’s crucial for your organization to respond appropriately by conducting a thorough incident investigation. Whether the incident caused property damage, led to occupational illnesses or injuries, or was simply a close call, such an investigation is a valuable practice for several reasons.

As an employer, you do everything you can to promote a safe organization and protect employees from occupational illnesses and injuries, thus minimizing potential workers’ compensation claims. Nevertheless, the risk of an employee experiencing a work-related illness or injury due to the fault of a third party—whether it’s another organization, a contractor or a member of the public—remains.