Connecticut Workers Comp Rates to Drop Again

CT Workers Compensation Rates in 2020 are Declining by a modest rate of  2.9%

Connecticut Workers Compensation Rates in 2020 are going to be declining by a modest rate of 2.9 percent on average. The assigned risk pool will be seeing a 4.5 percent decline. These declines were improved by the Connecticut Insurance Department on October 30th. These declines began the first of the year and mark the sixth consecutive year of continuing declines.

Night, City, Hartford, Connecticut

Connecticut Workers Compensation Rates in 2020

Connecticut Workers Compensation Rates in 2019 saw a significantly larger decrease.  Voluntary rates decreased 16.8% in 2019, 14% in 2018 and 10.9% in 2017. According to the State of Connecticut Insurance Department, the declines can be attributed to fewer workplace injuries and resulting lower frequency of claims. According to the National Council on Compensation Insurance (NCCI), Connecticut Insurance Carriers collected $769 million in Workers Comp Premiums for a 6 percent decline. This represented a savings of $49 million for Connecticut Employers.

Red Barn, Farm, Rustic, Countryside, Connecticut

The one industry that will see the largest decrease for workers comp premium is building contractors. Building contractors will see a decline of 5.9 percent for standard policies, and 7.5 percent for employers that secure coverage in the assigned risk pool. The smallest declines will be for manufacturers, at 1.5 percent and 3.2 percent in the assigned risk pool. Other industries seeing a modest decline include office settings that will see a drop of 2.5 percent on average, and retail operations will see declines of 1.9 percent.

Clinton Harbor, Connecticut, Beach, Long Island Sound

Posted in rates | Leave a comment

Tennessee Workers Compensation Rates are on the Decline in 2020

7 Percent Decrease on Overall Loss Cost Decrease for 2020

Tennessee Workers Compensation Insurance Rates in 2020 will be declining in 2020 for the seventh consecutive year. This announcement came in December from the Tennessee Department of Commerce and Insurance. The decreases will go in to effect as of March 1, 2020. This decrease is in addition to a 19 percent decrease on Tennessee Workers Comp Rates in 2019.

Great Smokey Mountain National Park, Tennessee

The Tennessee Workers Compensation System implemented several rounds of reforms in 2014. These changes have contributed to loss cost reduction of over 52 percent. Fewer workplace injuries have been the strongest contributing factor to the decline in workers comp rates.

The National Council on Compensation Insurance (NCCI) initially recommended a decrease of 9.5% based upon ratings and losses in the past year, but the rate reduction was trimmed when new medical payment rates were later adopted and limited some of the projected savings going forth.

According to Governor Bill Lee, “The continued decline in workers’ compensation premiums highlights Tennessee’s focus on creating an environment where businesses can grow, employees can prosper, and our state can continue to attract companies and high-paying jobs,”

Knoxville, Tennessee, Panoramic, ReflectionWhat do Tennessee Workers Compensation Insurance Rates Declining mean for the Business Community

According to the Tennessee Department of Commerce & Insurance Commissioner Hodgen Mainda, “These reductions are great news for Tennessee employers, employees, and our rural communities,” Mainda said. “The reductions mean employers may now have more money to invest into their businesses and employees, which will, in turn, benefit local communities and continue to enhance the Volunteer State’s ability to recruit companies and talent.”

 

Posted in rates | Tagged , , , , , , | Leave a comment

Missouri Businesses will experience Moderate Decline in 2020

Next year, Missouri Workers Compensation Rates will enjoy the 6th consecutive year of continuing declines

During the first week of December, The Missouri Department of Commerce and Insurance recommended a 1.6 percent decrease for workers compensation pure premium rates in 2020. If approved, the new rates will go in to effect starting January 1st. The decrease is driven by declining lost-time claim frequencies. Unfortunately, the increasing average medical claim costs partially limited the decrease in Missouri Workers Compensation Rates in 2020.

Busch Stadium, St Louis, Missouri, Arch

Missouri Workers Comp in 2019 experienced another modest 3.5 percent decrease for workers compensation insurance loss costs. These decreases mark the 6th consecutive year of continuing declines for workers comp pure premium rates. According to Chlora Lindley-Myers, Director of the Department of Commerce and Insurance, “Missouri’s lost-time claim frequency continues to decrease due to safety improvements in the workplace, but average medical claim costs have increased every year since 2014.” This statement means businesses have had employees lose less time due to insurance claims. The less time by injured employees means insurance carriers did not have to payout as much for workers compensaiton claims. This allows the insurance carriers offering workers comp coverage in the state of Missouri to pass on some of the savings on to the business community in the form of lower workers compensation insurance rates in 2019.

Chain Of Rocks Bridge, Missouri

An additional factor that contributes to modest declines in workers comp premium is that Missouri is an NCCI state. NCCI stands for the National Council on Compensation Insurance. The main function of NCCI is to collect data, analyze trends, and recommended pure premium rates. States that partner with NCCI, for the most part, enjoy lower rates on workers compensation premium.

Kansas City, Missouri, Union Station, Skyline

Both the NCCI and the department propose an overall loss cost decrease of 1.6 percent for policies effective Jan. 1, 2020.

The NCCI’s proposed average changes in loss costs by industry group are shown below:

  • Manufacturing: -0.7%
    Contracting: -1.7%
    Office and Clerical: -1.6%
    Goods and Services: -1.9%
    Miscellaneous: -1.8%

 

Posted in rates | Tagged , , , | Leave a comment

Delaware Workers Comp Rates 2020

Delaware Workers Compensation Insurance Rates in 2020

On Tuesday, October 8, 2019, the Delaware Department of Insurance announced a workers compensation pure premium decrease for 2020. The decreases are an average -12.75% for the residual market and an average of -13.29% for the voluntary market. The rates are in effect as of December 1st, 2019 and represent the third consecutive year of continuing declines.

Newark, Delaware, Town, Street

The Insurance Commissioner, Trinidad Navarro said, “I am delighted to approve a decrease in workers’ compensation rates in Delaware for the third year in a row. These continued decreases mean significant savings for Delaware businesses both large and small and continues to be an incentive for smaller businesses to relocate to Delaware and employ more Delawareans.”

Bridge, Philadelphia, Night

Navarro went on to say, “The continued hard work of everyone involved in this process especially over the last few years continues to ensure that the process is transparent and efficient. I am also pleased that this is the first year that all actuaries reviewing this filing agreed, not only that another significant drop in workers’ compensation rates was warranted, but that the filing as submitted to the department needed no changes. Lastly, I want to again acknowledge the Department’s Workplace Safety Program and its dedicated staff for their work in helping Delaware businesses save up to 19 percent on premiums for providing a safe working environment.”

Now it is very important to keep in mind that these decreases are averages. Not all businesses will see this much of a decline. SOme businesses may see no decline at all. Other businesses may see a larger decline in workers compensation premium.  The declines will vary depending on the class code of the business looking to be insured, the location the business operates, the claims history of that business, and the annual revenue.

The state of Delaware has created a workplace safety program designed to lower the frequency and severity of workplace injuries. Businesses owners are encouraged to visit its webpage at www.insurance.delaware.gov/workplacesafety, or call our office directly at (302) 674-7377.

Delaware, Flag, State, America, Us, Usa

When you are ready to purchase or renew all lines of commercial insurance, the experts at Workers Compensation Shop look forward to helping you see how much your business can save on Workers Comp Insurance.  Click here to start a quote or call 888-611-7467 to speak with one of our agents about how they can help you maximize savings for your business.

Posted in rates | Tagged , , , | Leave a comment

Third year of declines for Washington Workers Comp Rates

Washington Workers Compensation Rates in 2020 will be decreasing modestly by a rate of 0.8%

On November 25th, the Washington Department of Labor & Industries (L&I) announced the business community will experience a moderate decline of 0.8% in 2020. This is the third consecutive year Washington Workers Compensation Insurance Rates have fallen. This rate cut is in addition to cuts of 5% in 2019 and 2.5% in 2018. These declines, while modest, represented a positive trend for the business community throughout the state of Washington. As of 2018, Washington was the 16th most expensive state in the country for businesses to purchase workers comp coverage. Any movement towards a more affordable workers compensation system is good news.

Seattle, Washington

Washington Workers Compensation Rates in 2020 will pay an average of $15 less per employee for a year of workers’ comp premium. With this reduction, employers will pay $21 million less in premiums next year. These continuing declines are a result of long-term declines in costs for the overall workers compensation system. Over the past six years, costs have fallen $2.9 billion throughoutthe Washington Workers Compensation System.

Mountain, Rainier, Mount, Washington

According to L&I Director Joel Sacks, “Our workers’ compensation system is in good shape. Every year we help tens of thousands of people recover from on-the-job injuries and go back to work. Our programs to help injured workers are making a real difference, and workplace injury rates in Washington are declining. That’s great for workers and their families and is helping us keep costs down.”

Mountain, Olympic National Park, Washington

Posted in General | Leave a comment

Idaho Workers Compensation Insurance Rates are declining in 2020

Idaho Businesses should expect to pay 6.2% less for Workers Comp in 2020

In October of 2019, the Idaho Deparment of Insurance announced a 6.2 percent overall rate change to Idaho workers’ compensation insurance pure premium rates. These workers comp rates will go in to effect as of January 1, 2020. This proposed rate change was implemented after a recommendation by the National Council on Compensation Insurance (NCCI).

Boise, Idaho, Panorama, City, Winter

The Director of the Idaho Department of Insurance, Dean Cameron said, “We are pleased to announce this reduction, a move which will benefit Idaho businesses, their employees and the economy in general. The decrease in the 2020 workers’ compensation rates reflects continued improvement in our state rating factors, including a slight decline in both the frequency of claims, and the average cost of those claims.”

Barn, Old, Abandoned, Idaho, Landscape

Idaho Workers Comp Rates 2020 are declining and this is great news for the business community throughout the state. Frugal business owners should look for additional ways to save more when purchasing workers compensation and all other forms of commercial insurance.

Workers Compensation Shop Logo

Workers Compensation Shop is an independent insurance agency founded in 2005. The goal of Workers Compensation Shop has always been to find out of the box solutions to small businesses of all types in all 50 states. Over the past decade and a half, the agents at Workers Compensation Shop have developed relationships with a few dozen insurance carriers. This vast network of carriers give the agents at Workers Compensation Shop the ability to shop your policy around and make the carriers compete for your business. If you are looking for a better value when renewing your commercial insurance package, let us shop insurance so you don’t have to. Give us a call today at 888-611-7467.

 

 

 

 

 

Posted in rates | Tagged | Leave a comment

Oregon Workers Compensation Rates are Declining in 2020

On average, Oregon Workers Compensation Rates 2020 will be less than the previous year by an amount of 8.4 percent. This is in addition to a 9.7 percent for Oregon Workers Compensation Rates in 2019. These declines contribute to an overall 7 consecutive year decline totaling 45 percent from 2013 to 2020. Employers, on average, will pay $1.02 per $100 of payroll for workers’ compensation insurance, down from $1.11 in 2019.

Portland, Oregon, Old Town

According to Cameron Smith, Director of The Department of Consumer and Business Services (DCBS), Oregon’s largest business regulatory and consumer protection agency, “The steady decline in workers’ compensation costs is about more than just the numbers. It demonstrates the hard work of employers, workers, insurers, and government to maintain essential worker protection programs and robust benefits for injured workers while keeping business costs low.” The average decrease in the pure premium reflects a long-term trend of lower medical care costs and less severe claims.

Oregon, Mountain, Lake, Landscape, Scenic, Outdoors, Peaceful

According to The 2018 Oregon Workers’ Compensation Premium Rate Ranking Summary Oregon was ranked 46 out of 50 states when it comes to pure premium ranking. Even though businesses enjoy fairly inexpensive workers comp rates, it is important for business to maximize savings in every way possible. Here are 5 ways to expand upon the savings when purchasing workers compensation insurance.

  • Partner with an Independent Insurance Agent
  • Shop Around your Policy
  • Consider Pay as You Go
  • Bundle All Policies
  • Implement Safety Programs
Posted in rates | Leave a comment

Workers Compensation Rates in Florida are declining in 2020

7.5% Decrease Marks The Third Consecutive Decline in Florida

Florida Workers Compensation Rates in 2020 are declining by an average of 7.5 percent. This comes after the National Council on Compensation Insurance (NCCI) recommended in September a modest decline of 5.4 percent. This is the third consecutive year with a cut in annual workers compensation rates. According to officials with the NCCI, the declining rates are attributed to technology, safer workplaces, improved risk management and a long-term shift from manufacturing to service sectors.

Florida Vacation, person sitting on the beach relaxing under an umbrella.

Volatility in the Florida Workers Compensation System 

Over the course of the past five years, the workers compensation system in the state of Florida has gone through some substantial ebbs and flows. In 2017, rates increased by an average of 14.5 percent. This increase was in response to three key issues, two court cases Castellanos vs. Next Door Company and Westphal v. City of St. Petersburg along with Senate Bill 1402.

Castellanos vs. Next Door Company

This case was between a Florida man named Marvin Castellanos and Next Door Company. Castellanos was an employee who sued Next Door Company of negligence. As part of these proceedings, the Florida Supreme Court overruled a previous court ruling from 2009. The previous ruling was overturned because it limited the ability of the claimant to get a reasonable amount for attorney’s fees. The previous ruling limited the amount a judge could award for attorneys fees in workers compensation lawsuits. As a result, most of the money being awarded in workers compensation cases were going to lawyers to cover their fees instead of going to the inured employees.  With this ruling in place judges merely had to use the previous fee schedule as a recommendation, but depending on the situations surrounding each case they could award more or less for attorney’s fees.  Because of this ruling insurance companies anticipate pay outs of much larger amounts for workers compensation lawsuits in the future. This court cases accounted for 10.1 percent of the average statewide increase.

Westphal v. City of St. Petersburg

Westphal vs. City of St. Petersburg was a case dealing with the 104-week statutory limitation on temporary total disability benefits. As a result of this case, the 104-week statutory time period was ruled unconstitutional. In its ruling the Florida Supreme Court stated the previous time period denied injured workers the ability to obtain proper right of access to the courts. The ruling extended this time period to 260 weeks.  Because injured employees will now be receiving partial salary benefits for an additional 156 weeks insurance companies were taking on additional risk to offer workers comp coverage. This court case accounted for 2.2 percent of the entire increase in 2017.

Senate Bill 1402

The final issue that caused workers comp rates to rise in 2017 was Senate Bill 1402. This was related to updates within the Florida Workers’ Compensation HCPR Manual. This bill accounted for the final 1.8 percent increase on premium for workers’ compensation in 2017.

Everglades National Park, Florida

Guarantee Insurance Company Closes

In late 2017, Guarantee Insurance Company (The states assigned risk workers comp provider) was declared insolvent by Florida Regulators. According to the Florida Office of Insurance Regulation (OIR), Guarantee was materially under-reserved at year end 2016 and consented to being placed in receivership on Nov 13, 2017. This means they did not have the ability to cover predicted claims moving forward. Guarantee Insurance Company was the largest workers comp provider in the state of Florida. Because of this failure, more then a thousand businesses were forced to find a new carrier for this required coverage. Luckily, insurance carriers significantly raise prices in 2017 as a response to the previous issues. In 2018, the OIR recommended average decreases of 9.6 percent.

Continued declines in 2019

After the issues from the previous years had somewhat settled, OIR announced continued declines of 13.9 percent on Florida Workers Comp Rates in 2019. The declines in 2019 are accredited to significant improvements in experienced losses by insurance carriers. These improvements come as a result of safer workplaces, enhanced efficiencies in the workplace, and an increase in the use of technologies for the decrease in costs throughout the workers compensation system.

St Augustine Florida, Landscape

Posted in rates | Leave a comment

Wisconsin Workers Compensation Rates to Fall by 8.8% in 2020

New Wisconsin Workers Compensation Rates 2020 approved by Commissioner of Insurance and are effective Oct. 1st, 2019

In 2020, the Wisconsin Business Community will be enjoying lower rates for Workers Compensation Insurance Premiums. Announced in July of 2019, Wisconsin’s Chief Insurance Regulator has approved an overall 8.84% decrease in workers’ compensation premium rates. These rates are effective Oct. 1, 2019, and are expected to save Wisconsin businesses more than $170 million in 2020.

Wisconsin, Farm, Rural, Barn, House

Declining Wisconsin Workers Compensation Rates in 2020 mark the fourth consecutive year rates have fallen. Overall, the Workers Compensation Rates have decreased by 6.03 percent in 2018, 8.46 percent in 2017, and 3.19 percent in 2016. One main reason the Workers Compensation System is able to pass on savings to the business community is that employers reported a total of 82,400 injuries and illnesses in 2017. This is roughly 300 less than 2016 and means the insurance carriers had to pay out less for claims for injured workers. Additionally, the duration of temporary disability in Wisconsin is about two weeks shorter than the national average. This means Wisconsin workers are able to get back to work faster after an injury occurs. The final reason for savings is that Wisconsin has an older workforce. According to Chris Reader, director of health and human resources policy at Wisconsin Manufacturers & Commerce, “Somebody who is 55, generally speaking, is simply safer on the job than someone who is 25.”

Milwaukee, Wisconsin, Public Market

There are four industry sectors that make up a majority of the workforce in the state. All four are going to see significant declines for workers comp premium. Those industries include:  Contracting at 11.21%, Office and Clerical at 8.75%, Goods and Services at 8.66%, and Manufacturing and Miscellaneous at 8.11%. Of the 525 entire workers’ compensation class codes included in the 2019 rate filing, 93 percent will see a rate decrease.

Posted in rates | Leave a comment

Carriers: Travelers Insurance

Workers Compensation Shop has been partnering with Travelers since its inception in 2005. Travelers Insurance is a carrier that has been operating in the insurance industry for 160 years. Over this long storied history, Travelers has earned a reputation as one of the best property casualty insurers.  Travelers Insurance employs approximately 30,000 people and partners with more than 13,500 independent agents and brokers in the United States, Canada, the United Kingdom, Ireland and Brazil.

Image result for travelers insurance

Travelers Companies Inc. is the second largest writer of Property and Casualty Insurance in the United States and the 3rd largest writer of personal insurance through independent insurance agents in the United States. Currently Travelers has a broad appetite for hundreds of classifications of business types all throughout the United States. Additionally, Travelers offers a wide range of pricing options depending on your loss runs and class codes of the business they are offering. In addition to the wide range of pricing options, Travelers Insurance offers flexible billing options. Travelers offers a direct bill program which requires 25% down for new policies. This traditional type of policy requires addtional 3 or 9 installments. On renewal policies, Travelers offers businesses the option of 12 equal installments. Additionally, they offer Pay As You Go self reporting via TravPay.

Image result for travelers insurance

Travelers Insurance Awards and Recognitions

  • The company has been a part of the Fortune 500 since 1995.
  • World’s Most Admired Company, Fortune, 2006-2018
  • Barron’s 500, Barron’s, 2008-2017
  • America’s Most JUST Companies list, JUST Capital and Forbes, 2019
  • Largest U.S. Workers Compensation and Commercial Auto Carrier, NAIC, 2014-2017
  • Best for Vets, Military Times, 2010-2011, 2014-2018
  • Military Friendly® Employer, VIQTORY, 2007-2019
  • America’s Best Employers, Forbes, 2015-2018
  • Best Place to Work for LGBTQ Equality, Human Rights Campaign Foundation, 2016-2019

Posted in Carriers | Leave a comment