Introduction
Workers' compensation is a vital safety net for employees who suffer injuries on the job, providing medical benefits and indemnity payments to cover lost wages. Understanding the average workers' comp settlement can help both employers and employees navigate the complexities of workplace injuries. This article provides a data-oriented perspective on workers' comp settlements, drawing on recent statistics to highlight trends and averages.
Average Workers' Comp Settlement Overview
The average total incurred cost per claim combines medical expenses and indemnity benefits to reflect the comprehensive burden of workplace injuries. According to the latest data, the average cost across all claims stands at $41,757, with medical costs averaging $22,203 and indemnity payments averaging $19,554.
Costliest Causes of Injury
- Motor Vehicle Accidents: With an average car accident settlement of $89,152, motor vehicle-related incidents rank as the most expensive cause of workers' comp claims. This figure underscores the significant financial impact of such accidents on the workers' comp system.
- Burns: Burn injuries follow, with an average settlement amount of $52,161, indicating the severe nature of these injuries and the extensive treatment they often require.
- Falls/Slips and Caught: Falls or slips result in an average personal injury settlement of $49,971, while injuries from being caught in or between objects average $47,076, both of which exceed the overall claim average.