[QUOTE=Dubious;680946]
Quote:
Originally Posted by gabbycakes
I certainly am not an insurance company apologist, but you just made my point! One low back surgery claim over the last 25yrs and 4 employees, not unlikely odds, would cost well over $100k for surgery not to mention a disability settlement that could reach the same and then future medical care for life (ave. age of a disc patient is around 40), say another 25 years, might be another $50-$100k, or more. And if revision surgery was necessary.....
So while I again, am no advocate for that industry, I can understand that one claim, as above, may generate medical costs of $200-300K+ over the life of the claim, compared to the $70k for 25 yrs of premiums. So the cost to insure 4 for 25 yrs, is a fraction of what the employer would be responsible for (personally, if he carried no WC insurance) in the above scenario, just for one employee; one injury!
It is rather moot, though, as I am sure that all states mandate that all employers carry WC insurance.
I am totally with you! I do agree as an employer, it is crazy what we must spend for WC premiums!
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I think we agree on most but you kind of made my point,2 small companies 1 claim. We agree the premiums are high but like I said what about a company like Wal-Mart that employees thousands and has 500 claim out of 20,000 employees, just an example. My business believe with insurance companies are that if they are not making BIG PROFITS they are not going to be in the insurance business.
08-03-2010, 04:20 AM
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