The financial ramifications of keeping an injured worker away from the workplace is often more costly than the medical expenses for that injury. Our team is currently investigating options for developing a tool specifically designed for farmers/employers to calculate estimated financial cost of an injury, specifically highlighting the time loss multiplier and its effects on insurance premiums and MOD rates.
|Employee returns to work at…||3 days||5 days||3 months|
|Work load||Light duty||Light duty||Full duty|
|Wage-loss benefits paid by workers’ comp||None||Total for 2 days||Total for 3 months|
|Total claim costs including medical and wage-loss benefits||$1,500||$2,000||$12,000|
|Employer’s e-mod of 1.00 increases by…||.01||.05||.28|
|Employer’s annual premium of $21,759 increases by…||$210||$1,047||$5,862|