Keeping up with current trends will give you a chance to respond and make relevant program adjustments. Below are some current trends to look out for in workers' compensation for 2021.
The impact of the COVID-19 pandemic will surely be imminent for a couple more years. Companies have already transitioned to telecommuting and remote work. Employee role, furloughs, temporary stops on operations. These are a few factors affecting workers' comp and, eventually, premium costs.
Many worker's compensation claims in 2020 were related to COVID-19. Claims could escalate because of the long-term health consequences of the pandemic. Companies should implement workplace health and safety measures further. To protect employees from virus exposure.
The Rise of Telemedicine
Going to the doctor's office or your local health clinic has been more challenging since the pandemic started. Virtual medical care started sprouting over the year that passed. Providing employees with the option for easy-access medical care can be an added benefit for their workers.
Now, employer expenses can be minimized to improve the accuracy of claim compensation evaluations. Telemedicine is also a great avenue. For companies to manage smaller worker's compensation claims and make their return to work a lot easier.
Increase in Comorbidities
Obesity, hypertension, diabetes, depression, anxiety, and even substance abuse are apparent more lately. If two or more of these medical conditions are present in one person, it is already considered comorbid.
An increase in Workers' compensation costs would like to be linked to claims involving those prone to. The long-term effects of COVID-19, both physical and mental health, are still uncertain. But we can project as early as possible its potential impact on future claims for the years to come. Improving your employees' well-being could minimize the severe change in workers' compensation claims.
Whether you are an employer of a big company or one of its employees, it is crucial to focus on well-being. Workers' compensation insurance could help you a lot. If unfortunate circumstances come your way.
It could cover the costs of medical bills for injuries related to work. So, employers could evade a lot of legal actions for providing for their worker's health expenses.
At Honest Insurance Services LLC, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays, and we're here to help you out. Learn more about our products and services by calling our agency at (215) 354-1600. You can also request a free quote by CLICKING HERE.