The Gaston Gazette in North Carolina reported that it has already spent the $538,000 allocated for workers’ compensation claims and may end up spending another $300,000 from a savings fund, according to the Insurance Journal on April 14.
If all of the additional money is spent, this year will mark a 64% increase in workers’ compensation claims in 2014, which Assistant City Manager Larry Wood said would be unexpected but not unheard of. According to Wood, there are natural cycles of workers’ compensation spending spikes.
Compensation payments in the city varied between about $200 for the treatment of bee stings and poison ivy to as much as $70,000 for a car accident victim who was injured while on duty.
Our attorneys at Scudder Seguin, PLLC, in Raleigh cater to clients who have concerns regarding filing or appealing for workplace compensation benefits. Contact a member of our legal team by calling our offices at (919) 851-3311 today.
In a move aimed to benefit businesses, North Carolina Governor Pat McCrory announced on April 2 that workers’ compensation premium rates paid by businesses are set to decrease effective this month, the Stanly News and Press reported.
The move followed the approval of the North Carolina Rate Bureau’s request for a rate reduction back in November 2014.
Estimates coming from the North Carolina Department of Insurance showed that around 95% of the state’s employers may see an average decrease of 3.4% in their 2015 workers’ compensation premium rates. Businesses that obtain coverage through an “assigned risk pool” could experience rate decreases up to 4.5%.
McCrory believes that this move will allow businesses to reinvest their money elsewhere, such as hiring additional employees.
Especially as premiums go down, it becomes more and more difficult to secure an adequate amount of workers’ compensation. The attorneys of Scudder Seguin, PLLC, however, are experienced at holding employers and insurance companies accountable for the compensation they are obligated to give injured workers in Raleigh, and we may be able to advocate on your behalf. Call our offices at (910) 488-1600 today to speak to a member of our legal team.
A recent report released by ProPublica and NPR brought to light the vast range of workers’ compensation rates in differing states for the same injuries, the Atlantic reported on March 7.
For instance, the report compared the financial compensation for the loss of an eye in two states: $27,280 in Alabama versus $261,525 in Pennsylvania. In part because of these vast differences, many states have begun to shift towards lowering the price of their workers’ compensation rates and premiums closer to the national average.
The report stated that the United States Department of Labor has not been paying close attention to workers’ compensation either–the department stopped tracking how states’ workers’ comp payouts compared to national guidelines in 2004.
Workers’ compensation benefits were instituted to help workers who suffered an injury on the job. If you need assistant filing or appealing a workers’ compensation claim, call the experienced attorneys of Scudder Seguin, PLLC, at 919-851-3311 today.