There is a recent trend of challenges related to extortion in the workers compensation market. Fraud is a frustrating issue that pervades businesses of all sizes. As a result, insurance carriers must still maintain and increase profits and go about accomplishing this goal in different ways. Some insurers completely remove themselves from certain markets to focus energies elsewhere, and others have decreased their underwriting, discontinued credit offers for renewals, established a policy of not renewing accounts with even one loss, or changing discount amounts. All of these moves are in an effort to avoid workers compensation fraud.
Workers compensation reform is a hot topic in many states at various levels of government. Ideas have been proposed to maintain workers rights while saving money for employers. It takes time for negotiations and settlements to reach every level of the legal system as all the factors are weighed to determine if the proposed solution can return the expected results.
Employers continue to search for affordable and reasonable options regarding their workers compensation plan. With many types of risks and claim situations available, they need to consider the various programs and what fits their specific needs. It is possible to find a reputable insurance agency that first offers a steady relationship and then consistent results.