There’s a good article for you to check our about the general, overall impact of Covid19 on the workers compensation insurance industry. We’ll follow this up with what you, as an employer, should be doing to minimize potential workers compensation claims against you. No, we didn’t write this one although almost all the content we do publish is our own:
There is an enormous black cloud hovering over the workers compensation system: the cost of COVID19 claims.
At this point, hedging its bets, the National Council on Compensation Insurance (NCCI) issued a report that projects total work comp losses among the states it administers from a modest (and unlikely?) $2 billion to a catastrophic (yet still possible) $82.5 billion.
It’s far too early to tell: we don’t know how long the pandemic will last, whether it will return after seeming to fade, and whether its destructive impact will continue to evolve.
The ultimate cost of the pandemic to workers compensation insurers will be determined by a few key issues:
For the rest follow this link.