Workers Comp Issues To Look Out For In 2021

​Whether you are a risk manager, a business owner, or an insurance professional, you should be able to follow trends and issues when it comes to your insurance policies. Since we have been in a pandemic, a lot of variables in insurances have been changing. So to be able to maximize your money's worth, pay attention to the current issues that may affect your insurance policies. Below are some problems that may affect workers' compensation for this year.

Healthcare
The Affordable Care Act 2.0 will most likely give you access to Medicare-like insurance health plans, but with the option to continue private insurance.

In 2020, a decrease in employer healthcare expenses had been observed because of limited in-person care because o COVID-19. Telemedicine has also increased in popularity as it becomes more accessible. You may expect to use this in the long run as its benefits continue to grow.

COVID-19 Vaccine for Employers
Employers are starting to explore their options in requiring employees to get vaccinated. The updated Equal Employment Opportunity Commission (EEOC) guidelines made in December 2020 states that employers may require workers to be vaccinated under certain restrictions.

Diversification in the Supply Chain
The pandemic has caused a significant obstruction in the US drug supply chain since most pharma manufacturers are from China and India. Medical drug supplies, including their manufacturing ingredients, have led to a shortage because of COVID-19 travel or import/export restrictions. Likewise, the need to diversify supply chains has been apparent. Diversification will create more resilient companies that could handle other unexpected events.

Change in Employee Benefits
Expect more employers to focus more on addressing mental health and overall well-being in the workplace. Financial health or literacy is also becoming a primary concern for employees, as the pandemic has stripped many of their employment. Many employers are starting to provide webinars or online tools to help their employees with financial planning.

Lastly, flexible work schedules and more paid leaves are being considered in 2021 by many employers. Since the pandemic has started, many have proven that the work-from-home setup for employees did not affect their productivity and deliverability drastically.

More so, employers saved a lot of their budget from paying rent and utility bills to rent office spaces for their employees. Expect that many will continue to adapt to this setup in the years to come.

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.