Workers’ Compensation costs on average per claim were $34,377, for all claims for the latest reporting period of 2007-08 from the National Council on Compensation Insurance’s (NCCI) Workers Compensation Statistical Plan (WCSP) database. New York employers facing Workers Compensation claims cannot afford to be passive in managing the total cost of any claim.
The experience modification factor that can dramatically change the final premium total for Workers’ Compensation insurance is based on the three prior year’s total claims versus expected claims. So, a claim of $35,000 is factored into the Experience Modification factor for 3 years. Any dollar saved managing a claim proactively can have a positive multiplier effect on the New York employers’ next 3 years of modification factors.
To learn more about the unique Workers’ Compensation case management services of The Flanders Group, please contact us today for examples and success stories.
Source: National Safety Council. (2011). Injury Facts®, 2011 Edition. Itasca, IL.