On-the-job injuries can be financially devastating for employees. At the same time, death in service can leave families struggling and unable to make ends meet. Workers’ compensation can help by covering medical costs, lost wages, and more. While this insurance is mandatory in several countries and been growing in popularity worldwide, many firms see it as a critical piece of the employee compensation package.
Workers’ compensation, in the broadest sense, gives benefits to employees that suffer from work-related injuries and looks after the families of anyone who dies following an incident in the workplace. Of course, firms should be taking the utmost care to prevent such accidents from occurring, but even with health and safety mitigation in place they can still happen. In these cases, workers' compensation is a vital support for employees and their loved ones.
Despite the obvious benefits, workers’ compensation can be extremely costly to provide, but presents an innovative solution that can protect your workforce and your bottom line.
The biggest workers’ compensation costs for employers are comprised of insurance premiums and retained losses. Poorly structured programs can lead to even more expense due to lower workforce productivity and time and resources spent managing claims.
Workers’ compensation rules and regulations vary considerably. In countries where workers’ compensation is not mandatory, typically there will be other legislation around accidents and injury at work. These complexities can make it difficult for companies to navigate this environment and address emerging trends and legislative changes.
At Mercer Marsh Benefits, we understand that your people are your most critical asset, which is why it’s so important to protect and promote their health and safety. We can help in a number of ways, from insurance advice and placement to pre- and post-loss advisory solutions.
Our specialists can help you reduce the cost burden of workers’ compensation losses, while simultaneously improving productivity and profitability. We can help you develop strategies to reinforce behaviors that support your business objectives and develop sustainable safety programs that protect your workforce. These and related workers’ compensation specialist services will be provided by locally licensed Marsh colleagues who are part of Mercer Marsh Benefits.
Working together with you, we will help manage your workers’ compensation program risks in support of compliance, cost reduction, and business resilience.
We can help you meet your workers’ compensation program objectives through:
global premium volumes placed annually
risk placement transactions completed annually
business retention rate year-over-year