With rates of workplace accidents as high as they are in Northern US states, businesses are shopping.
Recent reports are showing that Northern US states are experiencing high rates of workplace accidents, providing agents in these areas with an opportunity to offer supplemental insurance to protect their business customers.
Businesses can offer these additional policies to their employees in case they are hurt on the job.
The research was conducted by High Rise Financial based on the most recent data from the US Bureau of Labor Statistics. Their analysis provided insight into the rate of nonfatal work injuries and illnesses throughout the country. This helps to show where agents might find their business customers most interested in supplemental insurance policies for accidents on the job.
What was found was that the country’s average was that 2.8 percent of workers in the US are injured every year. However, Maine’s rate of workplace injuries was 67.8 percent higher than that national average, at 4.7 percent of full-time workers per year.
Maine was also the state that had the highest rate of illness or injury leading to restricted work or a job transfer. In that state, 1.4 percent of full-time workers suffered such a workplace illness or injury. Job transfers are commonly the outcome of work restrictions that cause a temporary change in the routine job functions of a worker that suffered an injury or illness.
After Maine, the most promising markets for supplemental insurance for job accidents are Oregon and Vermont.
Oregon and Vermont were the states that followed Maine in having the highest workplace accident rates. Both states had an average of 3.8 percent of full-time workers per year. Oregon also had the highest number of cases causing an employee to miss work, with 1.7 percent of full-time workers having taken one or more days off as a result of an injury sustained on the job.
The fourth state in the country for the highest number of workplace accidents was Washington, showing that it may also be a promising market for supplemental insurance. Local agents might want to consider offering this additional coverage to business customers who could benefit from these policies.