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Is the Aging Workforce Increasing Workers’ Comp Risks?

Is the Aging Workforce Increasing Workers’ Comp RisksDue to the stagnant economy and its effects on our ability to retire, today’s workforce consists of more older employees than in past decades.  Recent studies have shown that cost of claims increases as age increases. So, what does this mean for your client’s business? If they are like most concerned business owners, they know they need to provide Workers’ Compensation to accommodate this trend and protect their employees. Installing a solution that covers New Jersey Workers’ Compensation Risks is crucial to your client’s business.

Market Watch reported that on average, older people are more reluctant to retire after the recession. While the majority of the workforce (44%) is made up of people 45 and older, even older people are more common these days. For example, employees 65 and over account for 4% of our current workforce, up 2% from 2000.

With this change, we have seen an added risk for injury cost on the job. According to Safety National Casualty Corporation, an average claim costs about 73% more for employees over 45 years old. When this demographic gets injured, it is far more severe than someone half their age.

In order to better prepare, experts recommend that business owners make their workplace more age friendly, if possible. While being proactive on claim management is also beneficial, creating an infrastructure for disability management and implementing a Workers’ Compensation program will protect you from damages and huge financial loss.

At Associated Specialty Insurance Agency (ASIA), we understand the workforce trends and the risks associated with an older employee base. We specialize exclusively in custom Workers’ Compensation solutions for your business. With over two decades of experience, we have access to multiple markets throughout New Jersey, Pennsylvania, New York, Connecticut, Delaware, Maryland, Virginia, North Carolina, and Florida. For more information about our services and the Industries We Target, contact us today at (866) 679-7457.

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