Part 3 in a series that looks at Critical Workplace Issues and Solutions for Georgia’s employers, leading up to our 2 day event at Lake Lanier on July 26 and 27.
Critical Issue #3: Managing the Acceleration of Workers’ Comp Costs
Workers’ compensation costs are increasing. According to a report by the National Academy of Social Insurance (NASI), the total cost in 2014 of workers’ compensation to US companies was in excess of $91 billion. Costs increased by 4.9% from 2013, and by 24% between 2010 and 2014. On average, employers’ costs were $1.35 for every $100 in covered wages.
According to Department of Labor statistics, 7,278 workers’ compensation claims were filed in Georgia last year. Total compensation and medical claims paid were over $266 million. The costs of workers’ comp claims resulted in higher insurance premiums for employers in almost every industry, not to mention the costs of lost time and productivity.
How Can You Control Workers’ Compensation Costs? Do You Need Solutions?
There’s still time to register for Georgia Employers’ Association’s Best Practices Workshop at Lake Lanier on July 26 – 27. We’ll discuss some difficult workplace challenges, including strategies for managing workers’ compensation costs. You’ll learn about solutions that you can implement to reduce the risks to your employees and your organization.
Baldwin, Marjorie L. and McLaren, Christopher F., Worker’s Compensation: Benefits, Coverage, and Costs, National Academy of Social Insurance, October 2016.
U.S. Department of Labor, Office of Workers’ Compensation Programs, EEOICP Program Statistics.