Will unemployment crisis hurt New York workers’ comp insurers?

We’ve all heard a great deal about the toll that the U.S. economy has taken on workers in New York, and many workers have felt the impact of the high unemployment rate.  But what about the insurance companies that provide workers’ comp insurance?

 

Your first reaction may be “who cares?”  However, consider this – if the insurance companies aren’t able to make a profit, there is less money for injured workers and their medical bills.  And if there is less money, insurers may push back harder on workers’ comp claims, which could be disastrous when so many workers rely on these benefits.

 

The insurance companies being hardest hit right now are those that focus exclusively on workers’ comp claims.  With fewer Americans working due to the high unemployment rate, insurers are making less money on workers’ comp dues from their employers.

 

Add to this the fact that the recession has more workers staying on workers’ comp benefits longer because they can’t find another job, and you have a recipe for problems in the insurance industry.  Making matters worse, medical care costs are on the rise, making injured workers more expensive to treat.

 

If you have been injured on the job and have been denied New York workers’ comp benefits – or if your benefits are being taken away prematurely – you can fight back.  The fact that the economy is bad and unemployment is high is not your fault.  You still have a right to benefits.  Call our office to discuss your situation – we’ll help you get what you deserve.