When an employee is injured on the job, everyone involved, from employer to doctor, knows that worker wants nothing more than to get back to work as quickly as possible. Connecticut employees know that Connecticut workers comp policies are built to do just that.
That does not mean that there are not market challenges for insurance companies carrying workers compensation policies. Several states are reviewing their overall workers compensation system, just as insurers are rethinking how they underwrite this needed product in order to maintain its profitability. Regulators are also keeping a close eye on how product and policy changes affect the overall workforce.
Is Connecticut Next?
It may be only a matter of time before Connecticut workers comp reform becomes a reality. What that will mean for businesses, if it happens, is up in the air. There is a chance that reform, for any state chasing that idea, could save money for employers and reduce the chances of insurance fraud.
Whatever the result, the insurance industry should stay vigilant in its effort to provide the best coverage possible at affordable prices for both the employer client and the employee, including Connecticut workers comp. The industry will want to keep an eye on regulatory changes to assure that they are staying up-to-date and compliant.