2/3/2012 - Report: Age has minimal impact on workers compensation coverage
If businesses' have an older workforce, they may be worried about sustaining significant losses should their employees become injured and require workers compensation
claims. But according to a recent study, these financial concerns have largely been in vain.
The National Council on Compensation Insurance recently released a report that found workers compensation claims have fallen over the past several years. In addition, while businesses' losses tend to be somewhat higher for workers who are older, they're offset by higher premiums, which are based upon the salaries earned by these workers.
Other findings from the NCCI indicate that younger workers no longer have higher injury rates compared to employees that are older than them. As a result, loss costs have largely been determined based upon the nature of the injury sustained rather than the age of the person injured.
"Overall, the findings can be viewed as reassuring, in that an aging workforce may have less negative impact on loss costs than originally thought," write Tanya Restrepo and Harry Shuford, authors of the report.
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