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Workers' compensation costs rising in North Carolina, country

When people imagine having a bad day at work, they usually think about being chastised by a boss, being taken advantage of by a coworker or being yelled at by a customer. They often don't think about getting injured and having to take an unexpected hiatus from the workplace, especially if they have been doing their jobs for a while and seem to be comfortable in them. However, a work accident can occur at any time in North Carolina, and research shows that workers' compensation is costing employers more and more, which may motivate more companies to take safety more seriously.

It is said that that workers' compensation insurance will be drastically high in 2014. This is because the amount that insurance companies pay for workers' compensation benefits keeps going up, so rates will follow suit. This can negatively impact businesses that have not grown enough to comfortably accommodate the rate hikes in the new year.

Workers' compensation costs are slated to increase again in 2015. The reason for this constant cost increase is the dramatic increase in the cost of employee injuries. For instance, the cost of an employee injury was about $3,000 in the early 1990s; that cost in 2011 was nearly $9,000.

Despite the increasing costs of workers' compensation, employers in North Carolina must purchase this state-regulated form of insurance. It offers benefits to employees who are injured or become ill while at work. The increasing cost may encourage more managers to increase their safety efforts in the workplace, but even when this happens, a work accident is not always preventable. If employees are injured or fall ill in work-related incidents, they have the right to ensure that they receive all appropriate insurance benefits and medical treatments in North Carolina.

Source: propertycasualty360.com, How Employers Can Stay Sane in Challenging Workers' Comp Climate, Kevin Ring, Jan. 16, 2014

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