Workers compensation insurance premiums could drop by nearly 20% in the second quarter of 2020 and are unlikely to recover before 2023, according to a report released Thursday by the Deloitte Center for Financial Services. With the number of workers laid off or furloughed due to the COVID-19 pandemic, workers comp premiums — which are driven by payroll — will…
Overexertion, falls and struck-by hazards are among the costliest workplace injuries, according to Liberty Mutual Holding Co. Inc.’s 2020 workplace safety index released Tuesday. Overexertion and falls from the same level have consistently been the top two causes of injuries, said the Boston-based insurer. And while the overall number of serious workplace injuries has decreased over the past 20 years,…
Legislative changes allowing workers compensation coverage due to COVID-19 will result in an increase in loss estimates and a potential earnings hit for the insurance companies, according an analysis released Thursday by A.M. Best. A number of U.S. states have begun the process of enacting legislation or have issued executive orders on workers compensation coverage for essential employees, an expansion…
As businesses reopen across the U.S. after coronavirus shutdowns, many are requiring customers and workers to sign forms saying they won’t sue if they catch COVID-19. Businesses fear they could be the target of litigation even if they adhere to safety precautions from the Centers for Disease Control and Prevention and state health officials. But workers’ rights groups say the…
Legislation signed into law in Illinois on Friday will provide worker compensation benefits for front-line and essential workers who contract COVID-19 on the job under certain conditions. Gov. J.B. Pritzker signed H.B. 2455, which will provide death benefits for first responders who were presumably infected with COVID-19 on duty and also revises state code to expand unemployment benefits and enhance…
It’s now up to Gov. J.B. Pritzker to approve a measure lawmakers passed last month that differs slightly from an emergency rule he tried to unilaterally issue in April regarding who covers the costs when a worker gets COVID-19. House Bill 2455 passed during last month’s pandemic special session at the statehouse. One aspect of the bill deals with who…
More than one-third of workers said they would sue their employer if they believed they contracted coronavirus from a co-worker, according to a survey released Monday. The survey, conducted by communications firm Engagious, research consulting firm Sports & Leisure Research Group and public affairs firm ROKK Solutions LLC, found that more than a quarter of workers said they would sue…
Losses in the property/casualty insurance industry could top $100 billion from the COVID-19 pandemic, with workers compensation driving the losses more than other lines, according to a risk analysis of the insurance industry that Wells Fargo & Co. released Thursday. Workers compensation may be reaching an inflection, as the line is continuing to generate less rate than other property/casualty lines….
The novel coronavirus ushered in shelter-in-place orders across the country and uncertainty about when life will return to what it was. As more states shift to gradually reopening their economies, the path toward normalcy also breeds new anxiety and questions about safe returns to work and businesses. Contracting coronavirus at work or from a business or restaurant isn’t easily resolved…
As businesses welcome workers back into the workplace, employers must tread a narrow path between gathering information to protect their workers’ health and protecting their privacy, experts say. Businesses must comply with federal laws, including the Americans with Disabilities Act, as well as state and even local laws that may be broader, they say. The Illinois Biometrics Information Privacy Act…
