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Loss Cost Increase Could Be Putting Companies Out of Business, Workers at Risk

The risking costs of workers compensation insurance for employers should be a cause for concern for all workers. There is likely one of two situations that will start occurring if changes are approved to raise the costs of insurance even more. First, workers may be put out of a job if businesses are no longer able to pay the high costs of insurance. If businesses close, there will be many unemployed workers thrown back into the ultra-competitive worker pool.

 

The second concern about the rising costs of workers compensation coverage is that some employers will not want to close their doors but still can’t afford coverage. They may opt to keep their doors open but refrain from paying for insurance coverage. For workers, this can pose a serious problem if you incur an injury on the job. You’ll have a long, hard road to get your workers compensation benefits.

 

Employers that neglect to pay into their workers compensation insurance requirements are taking a big risk in several ways. Getting caught without coverage can mean big time fines and the potential to be put out of business. This is not good news for anyone involved.

 

There has not been a ruling made yet. So far those who work or own taxi cab and livery businesses are making the most noise about the potential for cost increase because of their fear of going out of business completely. There are many other industries who will feel the impact of the changes if they are forthcoming.

 

If you have been injured on the job and your employer does not have the proper coverage for workers compensation insurance, contact our law office for a free evaluation of your case. We can be reached toll free at 888-799-3918 or by using our online contact form.

 

 

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