CSIS Insurance Services, Inc. Blog
In 2021, workers’ compensation trends will have a major impact on how businesses operate. With the evolving landscape of workplace injuries and illness, business owners need to be aware of these changes.
More workplaces will adopt a “no-fault” approach to workers’ compensation claims. Also, states may start mandating employers offer private health insurance or paid sick leave as an alternative to traditional workers' comp coverage.
Trends For 2021
The following are some 2021 Workers’ Compensation Trends that you should know about:
Regulatory & Legislative Reform
The National Council on Compensation Insurance (NCCI) stated that 2021’s workers’ compensation rates would adhere to pre-COVID-19 premiums and loss information. Seventeen states have passed commands or laws that make workers’ compensation benefits more extensive for employees who test positive from COVID-19 upon being at work.
Compensation For COVID-19
The compensation policies for state workers differ. But numerous state workers’ compensation guidelines provide coverage for “occupational illnesses” resulting from working on the job and exclude common illnesses, including the flu.
The global health crisis has paved the way for new circumstances wherein earlier work was not considered threatening and currently is.
Advancement In Technology In The Workers’ Compensation Industry
The 2021 trend in technology is the growth of virtual reality therapy. The VR-based treatment for COVID-19 will allow state workers to experience a simulated environment that mirrors their workplace, which can work as an alternative to face-to-face counseling.
Some states have passed laws requiring employers to offer some form of mental health coverage, and this may include workers’ compensation through your employer or self-insurance plans.
A Growing Gig Economy
Contractors in the construction industry, independent contractors, freelance writers, consultants, and Uber drivers comprise the gig economy. Most of the time, such occupations are not covered by workers’ comp. This is why these individuals must assess their risk tolerance concerning injury or illness-related expenses when considering whether they're eligible for insurance coverage through an employer or self-insurance plan that includes medical bills.
Assess Your Risk Tolerance
If you are self-employed or contracted, it is important to assess your risk tolerance as well. Whether a person can afford the potential medical bills associated with an injury or illness should be taken into consideration.
You also have to know the directions when deciding if they're eligible for insurance coverage through their employer's plan or via self-insurance plans that include medical emergency expenses.
Compensation trends can impact any business greatly. So it is important to adapt, or more so, adjust to the trends that the market offers.
At CSIS Insurance Services, Inc., we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (888) 501-2747. Get your free quote today by CLICKING HERE.
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