AFTER YEARS of virtually
level costs for the nation���s
oldest social program,
business owners are getting
hit with workers��� compensation
insurance premium increases.
���We are entering a new
environment of rising workers���
compensation costs,��� says Peter
Burton, senior division executive
for state relations at the National
Council on Compensation Insurance
in Boca Raton, Florida. (ncci.com). ���It
is estimated that employers are seeing
premium increases in the 2% to 5% range
as their renewals come up.���
Why the increase? More workers are
having accidents and it���s costing more to
return them to health. ���Most states have
experienced loss cost increases over the past
year,��� says Burton. ���Tat���s a change from the
virtually ���at or decreasing environment of
previous years.��� Te term ���loss cost��� refers to the
average statewide cost of lost wages and medical
payments resulting from injured workers. Higher
loss costs translate into higher insurance premiums.
CONTROLLING THE
By Phillip M. Perry
An aging population and higher
medical costs are driving workers���
compensation premiums up.
42 MARCH/APRIL 2013 | MedEsthetics
COMP
�� ISTOCKPHOTO.COM
COSTS OF WORKERS���