Workers' Compensation Insurance: How Technology and Innovative Risk Management Practices are Improving Workplace Safety
Did you know workplace injuries cost American businesses over $60 billion annually? This includes direct costs such as medical expenses and indirect costs such as lost productivity and increased insurance premiums. Moreover, the Bureau of Labor Statistics reports approximately 2.8 million nonfatal workplace injuries and illnesses in the private sector in 2019 alone.
However, with the help of advanced technologies and innovative risk management practices, businesses can significantly reduce these costs and improve workplace safety. For instance, a study by the National Safety Council found that companies that implemented safety management systems could reduce the incidence of workplace injuries by up to 40%. Similarly, a study by the American Society of Safety Professionals found that businesses that invested in safety training for their employees could reduce the incidence of injuries by up to 60%.
Furthermore, wearable technologies such as smartwatches and fitness trackers have also been shown to have a significant impact on workplace safety. According to a study by the University of California, Irvine, workers who used wearable devices experienced a 30% reduction in the number of workplace injuries. Similarly, a study by the National Institute for Occupational Safety and Health found that wearable devices could help reduce the risk of musculoskeletal disorders by providing workers with real-time feedback on their posture and movement.
Moreover, data analytics and machine learning algorithms are also being used to identify patterns and trends in workplace accidents. For example, a study by the National Safety Council found that overexertion was the leading cause of workplace injuries, accounting for 31% of all workplace injuries in 2018. By analyzing data on these incidents, businesses can take steps to prevent overexertion injuries by providing ergonomic workstations, training employees on proper lifting techniques, and implementing other safety measures.
In addition, businesses are also using data analytics to make more informed decisions when it comes to choosing the right workers' compensation insurance plan. According to a report by Marsh, a global insurance broker and risk management firm, businesses can use data analytics to identify the most appropriate insurance plan that matches their needs and budget, while also ensuring the safety and wellbeing of their employees.
In conclusion, technology and innovative risk management practices are transforming the world of workers' compensation insurance and improving workplace safety. By leveraging advanced analytics, machine learning, wearable technologies, safety training programs, and choosing the right insurance plans, businesses can significantly reduce the incidence of workplace injuries and illnesses, ultimately improving the health and wellbeing of their employees while also reducing insurance costs and improving productivity.
- Bureau of Labor Statistics: https://www.bls.gov/news.release/pdf/osh2.pdf
- National Safety Council: https://www.nsc.org/work-safety/tools-resources/infographics/workplace-injuries
- American Society of Safety Professionals: https://www.assp.org/news-and-articles/2019/03/14/new-study-shows-safety-training-reduces-injuries-by-62
- University of California, Irvine: https://www.sciencedaily.com/releases/2018/05/180503102028.htm
- National Institute for Occupational Safety and Health: https://www.cdc.gov/niosh/topics/ergonomics/musculoskeletal.html
- Marsh: https://www.marsh.com/us/insights/research/2020-us-workers-compensation-market-trends.html
Find your local insurance advisor to learn more about workers' compensation and how you can leverage technology to increase workplace safety and lower your insurance costs.Advisor Directory
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