The Small Business Community will receive a 17.2% decrease in North Carolina Workers Compensation Insurance Premium in 2019
The North Carolina Small Business Community received great news this week in the form of a 17.2 % decrease in Workers Compensation Insurance Premium. According to most recent data North Carolina has the 23rd highest rate for premium in the United States. Considering North Carolina has the 10th largest GDP of all 50 states, North Carolina Workers Compensation was already at a fairly competitive rate compared to other states across the country. The rates for Workers Compensation Insurance NC have decreased consistently for several years. In 2016 North Carolina Rating Bureau (NCRB) approved an 8.5% decrease and in 2017 NCRB approved a decrease of 12.5%. The current 17.2% decrease is in addition to these significant decreases. All of this news adds up to an enormous amount of savings for businesses in the state of North Carolina.
Th 17.2% average North Carolina Workers Compensation decrease is not across the board for all businesses or for all industries. Businesses that operate in higher risk industries will still pay considerably more than businesses that operate in an industry with low historical claims. Some industries may receive a larger decrease than the 17.2% recommendation. Many industries will see a decrease that is smaller than this recommended decrease. The most positive part of this news is that nearly all businesses will see a substantial decrease in the amount the business pays for Workers Compensation NC.
There are many factors that go in to what a business pays for workers compensation insurance premium. The industry a business operates in and the experience modification rating of each individual business has a large impact on what a business pays for premium. Also, the strength of the assigned risk provider in the state a business operates in has a strong impact on what a business pays for workers compensation insurance. The governing body within state of North Carolina has their own rating bureau. In most cases this does not have a positive correlation to what businesses pay for premium. The North Carolina Rating Bureau is strong. One aspect that contributes to the strength of the rating bureau in North Carolina is that they do partner with the National Council on Compensation Insurance (NCCI) to gather policy data, detailed claim information, and experience rating. Because the State of North Carolina handles the part of the workers compensation that they can control better than NCCI yet they let NCCI do what they do best, the result is a much better rate of premium for the Small Business Community.
In 2019, a 17.2% decrease in North Carolina Workers Compensation Insurance Premium will help small businesses all over the state prosper. This will be especially beneficial to the coastal communities who are recovering from Hurricane Florence. No matter what is going on in your North Carolina Community if you own or operate a small business you will be paying less for workers compensation insurance in 2019. If you need help finding even better coverage or lower rates on premium, click here to start a quote with Workers Compensation Shop.com. We have specialists waiting to take your call at 888-611-7467. They can help you get the best value for you small business.
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