With losses at their highest levels in more than a decade, Workers Compensation carriers are raising premiums.
In some cases, it will be substantial. A California Workers comp insurer said it would be seeking a 20 to 30 percent rate hike this year, notes John McConnell, vice president of risk control in the strategic outcomes practice at Willis.
Yet, most manufacturers approach workplace safety as they did a generation ago, McConnell says. "There are still too many companies doing exactly what they did 20 years ago and expecting different results and getting frustrated with not getting different results."
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