2019 Workers Compensation Trends

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2019 Workers Compensation Trends
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• Many company owners have begun using a digital
  first approach to business, leading to
  significant changes in workers compensation
  trends. As we continue into 2019 in fact, the
  entire insurance industry will see major shifts,
  and keeping up with these trends will be
  essential for all involved.
• When assessing insurance trends and trying to
  find out more about them, its necessary to view
  the whole economy, as factors having an impact on
  the economy can also effect insurance products.
  One example of this would be tax reform many
  countries the world over have reformed their tax
  codes and regulations, including the U.S., and
  this has had a significant impact on many forms
  of insurance this year.

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• With economists warning that a recession could be
  on the cards next year, many insurers have
  shifted their focus to improving operational and
  in-house efficiency, and are beginning to offer
  their clients personalized products that meet
  their changing needs. The needs of clients are of
  course unique, and as the age of insurance
  changes and advances, customized business
  insurance policies are being created that can fit
  the needs of each client relative to the risk
  factors involved in their line of business. As
  technology also progresses, this can be used to
  help clients file their claims much faster than
  ever before. Here are some Workers Compensation
  trends to look out for this year

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• Workers Compensation trends for 2019
• Claims related to workers compensation have been
  gradually decreasing, and research has shown that
  this can be largely attributed to employees
  working in safer environments getting injured or
  falling sick less frequently or less seriously.
  However, despite this decrease there is still a
  role for insurers, particularly in the case of
  those employees who may have fallen seriously ill
  or injured themselves at work and who may have to
  miss out on employment for many years to come.
  Some trends related to workers compensation
  insurance are

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• Natural disasters
• Changes to rates from legislative reform
• Treatment guidelines for drugs
• State legislative reform can include changes to
  the fee schedules of pharmacies, or changes to
  make things more efficient for customers. And
  with the increasing occurrence of natural
  disasters affecting many areas of the U.S.,
  insurance companies have had to adapt and
  increase their coverage.

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• Naturally, these trends will affect the rates of
  workers compensation insurance, and traditional
  insurance agencies will need to work together to
  help give clients the right kind of coverage and
  the right kind of plans.
• With the insurance industry changing and evolving
  at a rapid pace, insurers are turning to cloud
  computing and block chain management to stay
  ahead of the game, and exactly how they react to
  the needs of their clients will continue to have
  a significant impact on future trends related to
  workers compensation trends.

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• To discuss these trends in further detail, and to
  know more about what kind of coverage would suit
  your businesses changing needs, make an
  appointment with your trusted payroll processing
  provider.
• Apollo Payroll is one of the premier small
  business payroll companies in Miami Beach and
  Coral Gables. Apollo Payroll is dedicated to
  delivering expert advice, responsive service, and
  highly accurate payroll processing and reporting
  to ensure the success and growth of the business
  that we serve. Our services include comprehensive
  payroll service in Miami and other cities in
  Miami-Dade County, employee background check and
  group health insurance in Coral Gables Miami.