At no time in recent history has it been more important to rein in workers compensation costs.
With workers compensation markets hardening, medical costs rising and the threat of inflation looming, brokers, agents and buyers face growing total workers compensation costs.
Despite those ominous trends, however, it is possible for workers compensation brokers, buyers and insurers to successfully control these costs by achieving the best claims outcomes possible. This requires close partnerships, advanced claim mitigation strategies and powerful loss control services. In fact, now is the ideal time for workers compensation buyers — collaborating with brokers, agents and insurers — to review their programs to ensure they are doing everything possible to protect employees and bottom lines.
According to Maureen McCarthy, senior vice president and manager for workers compensation claims at Liberty Mutual, the key is to identify and implement program improvements by focusing on the two areas critical to lowering the total cost of risk: managing claims effectively and improving safety.