Topic: RISK

As we step into 2025, the insurance landscape for workers’ compensation (WC) and Employment Practices Liability Insurance (EPLI) is rapidly changing. In this article, we’ll discuss rate indications, key trends, and strategic considerations to help you prepare for the coming year.

The insurance market is hardening, leading to rising premiums across all lines of coverage, particularly EPLI. This trend is driven by several factors, including an uptick in employment-related claims, expanding workplace regulations, and the ongoing impact of post-pandemic workplace transformations.

While unmanaged or poorly handled conflict can harm morale and disrupt workflows, constructive conflict can lead to breakthroughs. Disagreements often illuminate blind spots, inspire fresh ideas, and create pathways for personal and professional growth.

Every company needs a clear plan for dealing with workplace violence. This workplace violence prevention plan should outline what behaviors are considered unacceptable, how employees can report threats, and what steps the company will take to address them.

Thousands of employees have received OSHA-based safety and health training in English and Spanish as a result of this alliance. The Alliance attempts to prevent exposure to falls, electrocutions, struck-by hazards, caught-in or between hazards and addresses construction and general industry safety and health issues.

In summation, a well planned and executed safety inspection will systematically identify and address safety hazards. The inspection will also assist in preventing injuries, provide steps in building and developing a positive safety culture which leads to a safer work environment and increased overall safety performance.

As of this month, seventeen state insurance departments have adopted the NAIC model bulletin and four have passed laws restricting the use of AI. As an example, New York has restricted the use of any Automated Employment Decision Tool (AEDT) unless it has been tested for bias in the hiring process.

A robust risk management and safety program functions as the guardian helping protect employees from injury, shielding an organization from potential harm, and also generating a multitude of other benefits extending far beyond just meeting OSHA safety compliance standards.

Enterprise Risk Management, or ERM, serves as the very advisor that maintains a broad, forward- looking view of risks to organizations.

Building a positive safety culture is an ongoing process that requires commitment, communication, and collaboration. It’s an investment in the well-being of employees and the long-term success of the client organization.

As we prepare to enter 2024, here is a look at a few key indicators to explore the state of insurance markets. We’ll also examine key events that have impacted markets recently.