While the impact has yet to be fully understood, it can only be assumed that Workers’ Compensation Insurance carriers who are facing rising costs from lawsuits may be forced to pass those costs on to their customers in the form of higher work comp rates.
Recently there have been a number of law firms advertising that they are seeking to represent workers who have been adversely affected by COVID vaccines which were mandated by their employer. One such firm is Ben Carlisle Law in New York State. In those appeals, they represent that those workers may be entitled to damages from their employers Workers Comp Insurance Carrier. While there has been a wide range of opinion about the negative health impacts of COVID vaccines those impacts may result in significant financial costs for insurance carriers from legal settlements with those litigants.
On a positive note, for the insurance carriers, early in the pandemic most states denied the ability for workers to file work comp claims because they believed they contracted COVID in their workplace. This was done because claiming that someone contracted COVID in the workplace was nearly impossible to prove.
Like any business, insurance companies will likely pass on those increased costs in the form of higher prices for their products. Time will tell how this plays out.
NCCI has an in-depth analysis of the impacts of COVD on workers compensation insurance located here:
https://www.ncci.com/Articles/Documents/Insights-COVID19-Impact-on-WC.pdf
