With workers comp rates dropping everywhere, many employers are ignoring safety, risk management, and loss prevention.
That’s not smart. One of the smartest people in the industry is warning that now is not the time to lose focus – Frank Pennachio’s piece is a wake-up call for employers lulled into complacency by the persistent soft market.
I’d echo one of Frank’s main points – although premiums are dropping, medical expenses are not. Medical costs in comp are actually trending up about 9.5%, a rate that is more than double the overall medical inflation figure.
Medical costs are not under control. It is just a matter of time before today’s happy days turn sour for those employers that take their eye off the ball.
