Workers’ Compensation Research Institute Findings for Virginia
The Workers’ Compensation Research Institute (WCRI) conducted a benchmark study of Virginia’s Workers’ Compensation for 2012. The findings included the following results:
The cost of WC insurance premiums was 37% lower for Virginia than the median of all states and the District of Columbia. The main reason for the lower premiums was that there were fewer claims filed in Virginia than in other states.
There were some balancing factors. The medical costs for an average workers’ compensation claim were 22 percent higher than the median of 16 states that were analyzed in a recent study. The overall costs (mainly medical and wages) were around the median for the 16 states. This means that the wage component was lower than most of the other states. The numbers also showed that the medical cost component rose steadily from 2004 through 2009 by eight percent each year. The average lump-sum payment for Virginia was lower than the average for other states.
Different groups will see these results differently. For example, insurers will like the lower premiums. Claimants should be concerned that fewer claims were being filed, that the system is more skewed in favor of employers, and that the wage benefits were lower than for other states.
The fact is that the workers’ compensation system in Virginia, is, unfortunately, greatly skewed in favor of employers. It is up to the legislature to create a fair balance between the rights of workers and employers/insurance companies. That balance currently does not exist in Virginia.
Contact a Norfolk Workers’ Compensation Lawyer to Learn More
Norfolk workers’ compensation lawyer Joe Miller at Joe Miller Law, has been helping victims of work related accidents for years. He represents clients in Virginia and in North Carolina. In tragic cases, where a loved one dies, he helps the family of the deceased bring a wrongful death action. The insurance company will have a lawyer on their side, so you need to make sure your rights and interests are represented as well. To learn more, call Joe Miller Law, today at (888) 694-1671.