AMAXX

JULY 15, 2025

When it comes to workers’ compensation costs, few topics spark more debate—and confusion—than the question: Which is worse for my experience mod: many small injuries or one big one? Your experience mod is essentially your company’s credit score for workers’ comp. signals worse-than-average performance and higher premiums.

Workers Comp

Triple-I: Workers Compensation

MAY 20, 2025

William Nibbelin, Senior Research Actuary, Triple-I Economic uncertainty, industry-specific trends, and evolving risks were the focus of the NCCI Annual Insights Symposium (AIS) 2025 a key event for the workers compensation industry. Key Findings Premium: Workers compensation net written premium decreased by 3.2

Workers Comp

R&R Insurance

FEBRUARY 20, 2025

On October 1, 2024 Wisconsin continued its trend entering a ninth consecutive year of reduced workers compensation insurance rates. Workers compensation rates are state mandated in Wisconsin, meaning all insurance carriers must use the same rates resulting in premiums from one carrier to another are basically the same.

Workers Compensation

AMAXX

MAY 19, 2025

The workers compensation system may feel like a complex web of insurance premiums, claims adjusters, and legal disputesbut at its core, its rooted in one simple idea: a compromise. Small companies especially found themselves at risk of being put out of operation entirely after just one major injury claim.

Workers Comp

Triple-I: Workers Compensation

FEBRUARY 14, 2025

By William Nibbelin, Senior Research Actuary, Triple-I The workers compensation insurance industry experienced its second-best underwriting result in the past 20 years in 2023, with a net combined ratio of 87, according to Triple-Is latest Issues Brief. A combined ratio under 100 indicates a profit. A ratio above 100 indicates a loss.

Workers Comp

AMAXX

JUNE 17, 2025

When it comes to managing workers’ compensation claims, many employers focus on lagging indicators—things like claim count, indemnity costs, and days lost. And more importantly, it predicts future claims costs, experience modification factors (mods), and employee outcomes better than almost any other metric.

Workers Comp

AMAXX

MAY 27, 2025

Workers compensation is often misunderstood as a fixed cost of doing businesssomething employers have to accept, manage passively, and simply write checks for. In reality, workers comp costs are one of the most controllable expenses in your organization. Avoid It : Treat workers comp like a strategic initiative.

Workers Comp

AMAXX

MARCH 24, 2025

In this final part of our series exploring the nine elements of independent premium audits, we turn our focus to specialized situations and nuanced adjustments auditors carefully evaluate. Auditors disallow estimates, making precise documentation vital to receiving the intended premium savings associated with this exception.

Workers Comp

AMAXX

MARCH 4, 2025

By shifting your perspective from compliance-as-burden to compliance-as-advantage, you can leverage OSHA requirements to create a safer, more productive workplace, reduce workers compensation costs , and enhance your company’s reputation. Heres how: 1. OSHA Compliance as a Cost-Saving Strategy Workplace injuries are expensive.

Workers Comp

AMAXX

JULY 30, 2025

With a 4% profit margin, your company needs to generate $293,750 in revenue just to make up for that one claim. How the Cost Adds Up When an employee stays out of work after an injury, you’re not just paying their workers’ compensation indemnity benefits. But that’s not the full story.

Workers Comp

Property Insurance Centre

FEBRUARY 24, 2025

How a Liability Claim Can Ruin Your Business And How to Protect Yourself No matter how well you run your business, a single liability claim can have devastating consequences. The Financial Toll of a Liability Claim A lawsuit can lead to crippling legal expenses, compensation payouts, and increased insurance premiums.

Liability

AMAXX

MARCH 11, 2025

Effectively managing workers compensation requires careful oversight and proactive measures to identify and prevent fraudulent or exaggerated claims. Surveillance serves as a powerful tool in validating claims, protecting your organizations financial health, and ensuring resources are dedicated to genuinely injured employees.

Workers Comp

AMAXX

JUNE 16, 2025

When an employee is injured on the job, a timely and thoughtful return-to-work (RTW) program can be the difference between a minor detour and a long, costly journey through the workers’ compensation system. In a collaborative RTW framework: The injured worker is part of the conversation.

Workers Comp

AMAXX

MAY 21, 2025

Ask the average employee who pays for workers compensation, and you might hear answers like the insurance company, the government, or even nobodyits just a benefit. In reality, the employer foots the bill for every dollar spent in the workers compensation system. Conversely, a clean record earns lower premiums.

Workers Comp

AMAXX

JULY 10, 2025

You’re facing lost time, medical costs, and skyrocketing workers’ compensation expenses. First-year injuries often result in 2–4 times higher claim costs , as employees lack familiarity and confidence. Certain industries feel this pain more acutely: 52% of restaurant industry claims occur in year one. Sound familiar?

Injury

Zywave

MAY 15, 2025

Ernst & Young predicts embedded insurance transactions could account for 30% of the total by 2028, while Deloitte recently cited expectations for embedded gross written premiums to reach $700 billion globally by 2030. Nor is it appropriate for lines with significant regulatory oversight, such as workers compensation.

Broker

Triple-I: Workers Compensation

JUNE 25, 2025

P/C replacement costs will likely rise throughout the industry, leading to higher claim payouts and, consequently, premium rates. Earlier this month, for instance, the administration doubled its new steel and aluminum tariff to 50 percent – including on Canada, the largest steel supplier to the United States.

Policy

AMAXX

FEBRUARY 10, 2025

Click Link to Access Free PDF Download “How to Calculate Your Minimum Experience Mod, Controllable Premium & the Revenue Impact” Whatwe’retryingtodohere,whatdidnotwhatnecessarilywe,whattheinsurancecarriers,whattheunderwriterstryingtodoisthey’retryingtogetanaccurateperceptionofrisk. All state laws vary.

Workers Comp

Insurance Journal

OCTOBER 8, 2024

California workers’ compensation written premium in 2023 was slightly above 2022, while written premium for the first six months of 2024 is 2% lower than the first six months of 2023, a new report shows. The Workers’ Compensation Insurance Rating …

Premium

AMAXX

SEPTEMBER 23, 2024

When it comes to calculating workers’ compensation premiums, two critical factors play a significant role: the frequency and severity of claims. Understanding how these two factors interact can help businesses reduce their premiums and improve workplace safety.

Workers Compensation

Insurance Journal

JANUARY 9, 2025

If insurance carriers want to have dibs on a company’s assets as premium security or collateral, they had better specify that those assets include potential tort-claim settlements, a federal appeals court said Wednesday. In a case that involved a Florida …

Claim

AMAXX

JANUARY 14, 2025

Exclusivity: Protection Against Lawsuits One of the most significant benefits of workers compensation for employers is the exclusive remedy provision. Under this system, employees who accept workers compensation benefits for a work-related injury or illness forfeit the right to sue their employer for negligence.

Workers Compensation

AMAXX

JANUARY 13, 2025

Navigating workers’ compensation can be complex, with various parties working together to ensure effective claims management and cost containment. Lets explore the roles of these critical players in a workers’ compensation system.

Workers Compensation

AMAXX

AUGUST 7, 2024

When it comes to managing workers’ compensation, understanding classification rules is fundamental. These rules not only influence the amount you pay in premiums but also help ensure that your company is correctly classified based on the work it performs. What Are Classification Rules?

Workers Compensation

Insurance Journal

JULY 29, 2024

The California workers’ compensation system has been relatively stable in the post-pandemic era, as premium levels rose by 1% in 2023 and are forecast to increase modestly in 2024—while decreases in average insurer charged rates are moderating, a new report …

Workers Comp

AMAXX

JANUARY 15, 2025

Click Link to Access Free PDF Download “How to Calculate Your Minimum Experience Mod, Controllable Premium & the Revenue Impact” Things that we don’t understand can seem a lot more difficult than they actually are. This is the actual costs of the claims that were legitimate claims for workers’ compensation.

Workers Comp

AMAXX

JULY 30, 2024

So this is your premium adjustments, and these are discretionary adjustments that can be given by your underwriter based on how well they perceive you managing your risk, how well they perceive you managing your risk. You’re gonna have to some of these premium adjustments. We’ve got things under control based on your mod.

Workers Comp

Triple-I: Workers Compensation

JUNE 10, 2024

William Nibbelin, Senior Research Actuary, Triple-I The recent National Council on Compensation Insurance (NCCI) Annual Insights Symposium (AIS) in Orlando, Fla., provided important context and clarity around the state of the workers compensation line of business. percent and below the 3.5 percent in 2022.

Workers Comp

Risk Management Monitor

DECEMBER 20, 2022

Claimant fraud and premium fraud are two of the most well-known types of workers compensation fraud. In these cases, a worker may intentionally fake an injury (claimant fraud) or a business owner may misrepresent their employee headcount or incorrectly classify employees to obtain lower insurance premiums.

Workers Comp

Insurance Agency of Ohio

JUNE 9, 2018

The premium for $10,000 coverage is $25 per year. We recently had a claim for a drain line that was damaged by tree roots. Insurance Agency of Ohio specializes in preferred personal insurance, business insurance, home health care, construction, manufacturers, dentists, workers compensation and insurance risk transfer programs.

Workers Compensation

Triple-I: Workers Compensation

MARCH 21, 2023

Group captives recruit safety-conscious companies with better-than-average loss experience, with each member’s premium based on its own most recent five-year loss history. Each owner makes a modest initial capital contribution,” states the paper, Group Captives: An Opportunity to Lower Cost of Risk. “The

Workers Compensation

Triple-I: Workers Compensation

APRIL 4, 2022

The global insurance broker and risk advisor’s survey of more than 1,300 captives also shows that gross written premiums in this area grew from $54 billion in 2019 to nearly $61 billion in 2020. Workers’ comp and captives The coronavirus pandemic has also affected captive owners in the workers’ compensation field.

Workers Compensation

Triple-I: Business Insurance

AUGUST 11, 2022

Combined ratio represents the difference between claims and expenses paid and premiums collected by insurers. Across most product lines, inflation, supply-chain disruptions, and geopolitical risk are expected to keep pushing insured losses and premium rates higher. “We We forecast 2022 P&C premium growth of 8.5

Underwriter

Protect Commercial Insurance

OCTOBER 25, 2024

Reflect on: – How much you can comfortably allocate from your business budget for insurance premiums. – Potential deductibles and what’s financially viable if you need to make a claim. – Professional Liability Insurance : Also known as errors and omissions insurance, this covers claims of negligence or malpractice.

Business Insurance

LexisNexis

NOVEMBER 8, 2024

Robinson, Co-Editor-in-Chief, Workers’ Compensation Emerging Issues Analysis ( LexisNexis ) (This article is excerpted from the upcoming 2024 Edition of Workers’ Compensation Emerging Issues Analysis (LexisNexis). By Thomas A. Section numbers below refer to the text in that book. In § 3, Hon.

Workers Compensation

Triple-I: Workers Compensation

JULY 27, 2023

Workers compensation insurance provides for the cost of medical care, rehabilitation, and wage replacement for injured workers and death benefits for the dependents of persons killed in work-related accidents. Combined ratio represents the difference between claims and expenses paid and premiums collected by insurers.

Workers Comp

Insurance Journal

MAY 15, 2025

Workers’ compensation remained a healthy and profitable line in 2024 but claims severity grew with an increase of 6% for medical claim severity and 6% for indemnity claim severity. That’s according to the National Council on Compensation Insurance (NCCI)’s annual …

Workers Comp