The workers' compensation system continues to provide a significant challenge to its various stakeholders, including employers and insurance carriers. Despite the positive news of declines in claim frequency, issues such as rising medical costs, terrorism exposures, and an aging workforce continue to challenge this line of insurance.
To help address these issues, employers need to recognize and understand that dual management of loss costs by themselves and their insurance carriers can significantly impact their costs. Employers and an insurance carrier's risk control staff need to continue to view themselves as being on the same team and execute a synergistic approach to loss prevention.
A reduction in both accident frequency and severity should be the focus of a well-designed safety program, with the ultimate goal being zero accidents. One of the components of the plan should be a mitigation strategy to prevent serious or catastrophic injuries (e.g., fall protection).
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