Workplace injuries are a fact of life in some industries. If you work with heavy machinery or spend your day on your feet, you are unlikely to go your entire career without injuring something. Even sitting at a desk typing all day has it’s hazards. Most business owners are very aware of the risks associated with their day-to-day business.

Something that often gets missed is the return to work plan. When people do get injured, inside or outside of work, they will eventually return. As much as you plan to avoid these injuries it’s also important to create a plan to reintegrate injured employees into your workforce.

Develop a Plan

The commercial property-casualty marketplace is holding steady thus far in 2013. The market is in a positive, rate increase environment. It evolved to this point throughout 4Q11 and 2012 and in general terms is holding at a 5-7% rate increase in commercial lines. Investment yields continue to decline while catastrophe-related results worsen for insurers, so it is quite likely that rate increases will continue in 2013. Insurers are also facing challenges on certain lines of coverage notably workers’ compensation. Overstated reserves from prior years have been released which tends to temporarily help earnings, and with medical inflation eroding workers’ compensation loss ratios underwriters will focus on pricing integrity and risk selection. Employers with hazardous workers’ compensation exposures and claims experience will see the highest rate increases.

Meanwhile, insurers have the surplus to grow. Rate actions, while positive, are not enough to allow the industry to cover its cost of capital. Thus, underwriters will continue to look at developing market share which will create competition as the economy continues its fight to fully emerge from the recession.

People often question the value and need of a personal umbrella policy. At Gibson, we recommend them as part of every personal risk management program. In today's litigious society and with the increasing court award amounts, it makes perfect sense to have the increased protection.

For the 19^th consecutive year, Gibson has earned Best Practices status from Independent Insurance Agents & Brokers of America (IIABA).

Employers with poor loss histories will pay even more for their workers' comp coverage starting next year as most states change the way premiums are calculated.

Most industries are cyclical to some extent, and insurance is no exception. As an insurance buyer, it's important to know what factors determine the cost of coverage. But understanding the market cycle is only half of the pricing equation: since you can't control the market, it's equally important to know what you can do to ensure you are always securing the best price - whatever market conditions prevail.

In December of last year, the Michigan state legislature enacted major reform to the state’s workers’ compensation law. We’d covered a few highlights of the legislation in a recent post and would like to call out one provision in particular that may have a major effect on claims – the new rules for what constitutes a “degenerative” condition and a “disability”.

Treatment of ‘degenerative’ and ‘disability’ under the new Michigan workers compensation law

Workers’ Compensation rates are on the rise and this time they will inspire a connection between safety and wellness programs.

Leading companies, either through innovation or out of necessity, are integrating a culture of health into their organizations, not only to affect health insurance rates but also to mitigate their workers’ compensation costs. It is the strategy organizations are deploying to control long term costs and support a healthy workforce. Managing these two programs as one strategic initiative instead of individual silos is critical. And a significant side effect is healthier, higher performing employees who pay lower medical costs, are more productive, have fewer absences due to health issues, and have fewer and less severe workers’ compensation claims.