The three largest expenses for the home care industry are payroll, employee benefits and workers’ compensation. While agencies can control and plan for payroll expenses, workers’ compensation costs can fluctuate without much warning. And how has COVID impacted the insurance marketplace? HCAOA Associate Member Gavin Studner, Sales Executive, Odell Studner Insurance Brokers & Consultants, recently released a white paper addressing these issues and the current state of the insurance marketplace specifically for home care.
The report notes that home care industry workers’ compensation rates are expected to rise soon. “While insurance rates for non-workers’ compensation lines have dramatically increased for the last two years, rates for the home care industry have been on a steep decline over the past decade,” the report states. A “hard market cycle” occurs when fewer insurance carriers are competing for business, which leads to increased rates and premiums. “For some states, such as Wisconsin and Massachusetts, rates are at their lowest point since first recording rates in 2001. We anticipate the home care workers’ compensation marketplace to rapidly harden in the coming years” Studner continued.
Click here to access the white paper.
For more information about workers’ compensation in the home care industry, be sure to attend Gavin Studner’s breakout session during HCAOA’s Annual Leadership Conference:
Workers’ Compensation Insurance Marketplace & Safety Guidelines in Home Care
Outside of payroll, workers’ compensation is typically the second largest expense line for home care agencies. Understanding the workers’ compensation marketplace is vital for budgeting & planning purposes. Attend this session to learn about the impact of COVID on the insurance marketplace, the overall state of workers’ compensation marketplace, what you can do to mitigate enterprise risk from a safety and loss control perspective and more.
Click here to learn more and register. The early bird registration discount deadline is August 13!