WC Insurance Centennial

By August 16, 2011Uncategorized

WC CentennialThe Workers’ Compensation Centennial Commission was formed to celebrate the first constitutional workers’ compensation law in the United States which was signed on May 3, 1911 and took full effect on Sept. 1, 1911.  It was a recognition of society’s responsibility to the workplace, establishing workers compensation as the first form of social insurance in American history.  Today, workers’ compensation stands as a pillar within our economic system that benefits all Americans.” 

 

Here are some interesting facts about WC Insurance:

  • September 1,1911 was when the first WC law took effect in Wisconsin.
  • The Tragic Triangle Fire at the Triangle Shirtwaist Factory which killed 146 garment workers in New York in March of 1911 triggered the beginning of WC legislation in New York.
  • By 1920, only 8 states lacked WC insurance
  • WC ranks 4th in premiums generated among property and casualty lines.

Where would we be without Workers’ Compensation?

The workers’ compensation system has set up a process for settling workplace injuries without litigation. Without the current system, litigation would run wild; this would lead to much higher employer legal costs.  Also, work comp claims are often settled very quickly; if these claims went through litigation, settlements would take months, if not years. This would create a vast amount of problems. Employees would have to wait for proper medical treatment and replacement income. The current work comp system has created an effective and systematic approach to indemnify injured employees.

Source: http://www.workerscomp100.org/