Worker's Compensation Price Increases for 2013 | The ALS Group

As most insurance and risk management professionals are aware, Worker?s Compensation market conditions have been relatively soft over the past few years.? A recent article in Business Insurance predicts Workers Compensation will be one of the coverages that will go up in price along with most primary and excess policy layers for 2013; most impacted will be the Worker?s Compensation insurance.? Looking toward the future and what 2013 holds is going to have a strategic impact on a company?s overall budget as well as the options they will have at renewal time.? Companies have been able to supplement their low premiums by purchasing a higher retention policy and relying heavily on their experience modification.? This along with the soft market trends has led to favorable results.

Traditionally, insurers have been paying anywhere between $1.18 and $1.30 for every dollar they take in.? Often having the options to purchase a low-deductible policy and taking a higher retention rate, along with relying on low experience modification has helped companies maintain that minimum premium increase.? While looking beyond budgeting, managing the rising Worker?s Compensation insurance process will require greater attention to other risk management areas, such as funding the cost of collateral insurers demand for securing claims payments, loss prevention and claims management.?

The world of Worker?s Compensation can be tough to navigate for an individual, let alone a company.? That?s why it?s important to have an independent risk management professional provide an in depth analysis of your firm?s operations and identify areas that leave you exposed to loss.? An independent advisor can also ensure your losses are being managed aggressively.? All of this can not only help mitigate your risk but also improve your firm?s bottom line by reducing your Total Cost of Risk (TCoR). If you would like to learn more about claims management and other risk mitigation tools you can use, please feel free to contact Albert Sica at 732.395.4251 or at asica@thealsgroup.com.

Source: http://thealsgroup.com/is-your-business-prepared-workers-compensation-price-increases-for-2013?utm_source=rss&utm_medium=rss&utm_campaign=is-your-business-prepared-workers-compensation-price-increases-for-2013

heart attack grill las vegas the heart attack grill joe kennedy iii joseph kennedy iii ghost hunters lightsquared david lee