BLUEPRINTS: Fourth Quarter Edition 2023

Falls are on the Rise – Builders Trust is on pace to have 54 fall injuries for 2023.  Though a very avoidable accident, more and more workers are being injured due to falls.  Per the Bureau of Labor Statistics, in 2014 “261,930 private industry and state and local government    workers missed one or more days of work due to injuries from falls and 798 workers died.”  Unsurprisingly, the construction industry had the highest frequency of fall-related deaths.  “The workers’ compensation and medical costs associated with occupational fall incidents have been estimated at $70 billion annually  in the United States.”  Translating that into 2023 dollars, that is equal to $91 billion annually.

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In this edition:

Falls are on the Rise

Falls are a very avoidable accident, but yet so common.  To date 43 falls have been reported to Builders Trust for 2023 with a total incurred of $1.6M.  This puts us on track for roughly 54 fall claims for the 2023 fund year.

Deconstructing Large Claims

Large claims make up less than .5% of all lost time claims but up to 15% of total workers’ compensation medical and indemnity costs.  That being said, the good news is that since 2002 the frequency of large claims has decreased at an annual rate of 3%.

What is Experience Rating - Part Three

In this final article in our series about experience rating, we’ll give you an overview of some of the remaining factors that go into creating the mysterious experience modifier.

Sponsoring Trade Association Dues

Sponsoring Trade Association Dues.  Just a reminder that Builders Trust pays your dues to our Sponsoring Trade Association (STA) upfront each year.

Short, simple information on safety, administrative policy, workers compensation, and current affairs. Listen to our first episode to learn more about what to expect from our BT Podcasts.

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