Texas Workers’ Compensation Costs Down 63% Since 2005

 

Austin, TX (WorkersCompensation.com) – More Texas businesses are providing workers’ compensation insurance as the cost of coverage continues to decline. Premiums have fallen by 63 percent since 2005 as the Division of Workers’ Compensation worked to reduce costs and improve care through health care networks, a drug formulary, safer workplaces, and other reforms.

In Texas, the average premium for each $100 of payroll dropped from $2.32 in 2003 to 86 cents in 2015, according to the National Council on Compensation Insurance.

The fact that fewer employees are filing workers’ compensation claims—a 28 percent drop since 2004, has contributed to the decline in premium costs. Non-fatal injury rates are also down 36 percent since 2005, an indication that employers are making workplaces safer.

“With premium costs down more than 60 percent, more employers have opted to provide workers’ compensation insurance, which means financial resources are there for injured employees when they need help the most,” said Texas Commissioner of Workers’ Compensation Ryan Brannan. “And in Texas, employees are also getting better care.”

More employees are getting treatment sooner. About 84 percent of injured employees receive non-emergency medical care within seven days of their injuries, compared to 76 percent in 2000. The average number of claims treated by physicians decreased over the last decade, from 21 claims per physician in 2000 to about 15 per physician in 2016.

“Looking at the numbers and the trends, we also see that injured employees are getting healthy and back to work faster than ever,”, Brannan said.

In Texas, more injured employees are back at work within six months of their injury, and the average number of days off work has decreased by more than 30 percent since 2005.

Rada Kleyman
Risk Manager

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About Rada Kleyman

Ms. Rada Kleyman is a Risk Manager at Libertate Insurance. At Libertate Ms. Kleyman is inspired by the following mantra “prevention is better than cure”. She believes it is all about in avoiding and mitigating the effects which are essentially unavoidable. Her direct role and responsibility is to facilitate internal sales efforts as well as the servicing of existing PEO clients. Ms. Kleyman brings a full complement of sales and management skills with over 28 years of successful experience. Highly effective in competitive environments with exceptional time management, strong interpersonal, presentation and closing skills which she acquired selling exotic cars for Ferrari of North America and prior to that Capital Medical Radiology Equipment Sales overseas. She is a recognized top performer, leading stores and accounts to exceed expected growth. Ms. KIeyman is graduate of Northeastern University in Boston with a BS Degree in Criminology with a minor in African Art. She holds a General Lines (Prop & Cas) GL 2-20 license and 4-40 Customer Representative License. Libertate Insurance LLC Vigilant Insurance Representation 707 E. Washington Street, Orlando, FL 32801 844.571.0810 407.613.5475

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