Almost everyone has heard of workers’ compensation, but unless you have had to pay a claim or file a claim, many do not know the facts. The average cost of workers’ comp is $1 billion per week across the nation in both direct and indirect costs. Here are some quick facts regarding this coverage.
Top Causes of Disabling Injuries
People are injured on the job everyday. From minor scrapes to slight slips and falls, most injuries are taken care of quickly. Unfortunately for some, there are injuries that prove to be disabling. The most common causes of these types of injuries are overexertion, falls from high places, bodily reaction, highway incident, being struck by object, compression, struck against object, assault, and repetitive motion.
The indirect costs of these injuries including accident investigation and lost productivity. They also include the training of replacement employees. Indirect costs can be up to 20 times higher than the direct payments that are required to the injured worker.
Most Dangerous Occupations
Not all occupations are dangerous, and there are some in which workers are rarely injured. The most dangerous occupations include air transportation, beverage and tobacco products manufacturing, transportation, delivery, education and health services, manufacturing, mining, construction, utilities, and retail.
Workers’ Compensation Costs
In America, there are more than 100 million workers that are covered by workers’ comp. Covered wages total in the $5 billion, and employer costs hover just under $74 billion. When it comes to benefits paid, there is an average cash benefit of $29.4 billion each year, $28.9 billion in medical benefits, and $58.3 billion in total benefits paid.
Workers compensation is anything but cheap. The insurance costs employers billions each year. While no one can say that injured employees don’t deserve coverage and compensation, figuring out how to make the insurance more cost effective for employers is something that many business owners would like to see happen.
If you have been injured at work, you may be entitled to workers’ compensation in South Carolina. Give our team a call for a free case evaluation. We will tell you if you have a case that fits the criteria for compensation. Call now for assistance.
