Oregon Workers Compensation Rates in 2019 will be Going Down by 9.7%

Effective January 1st, 2019; Oregon Workers Compensation Rates will be declining by an average of 9.7 percent. This marks the 6th consecutive year that workers comp rates have declined for the business community in the state of Oregon. During this time period, the pure premium rate will have declined on average by 40 percent from 2013 to 2019. Next year Oregon Employers, will pay $1.12 per $100 of payroll for workers’ compensation insurance. This is down from $1.23 in 2018. Across the country, Workers Compensation Costs range from $.75 in Texas to $2.74 in Alaska. Oregon has a strong workers comp market the business community benefits from.

Why are Oregon Workers Compensation Rates declining in 2019

The main contributing factors that is causing workers comp rates to decline in 2019 are lower medical care costs and less severe claims in recent years.  According to Cameron Smith, Department of Consumer and Business Services (DCBS) director, “Everyone from employers and workers to insurers and government has played a role in making workplaces safer and keeping business costs low.  As the numbers show, Oregon’s comprehensive approach continues to pay off.”

Additional measures have contributed to favorable rates in recent years including efforts by the Workers Compensation Division to enforce employers to carry insurance, keeping medical costs under control, and helping injured workers return to work sooner.  Additionally, the state of Oregon has recently put an extended focus on preventing on-the-job injuries by enforcing workplace safety and health rules, as well as advising employers about how to improve worker safety and health. According to Governor Kate Brown, “Oregon continues to demonstrate that it’s possible to maintain low employer costs while providing strong support to workers,” Governor Kate Brown said. “We must remain committed to working together to balance employer rates and worker benefits, and to help injured workers heal and return to work quickly.”

What can Businesses do to Maximize savings on Oregon Workers Compensation

Get Your Documents in Order

When it is time to renew your insurance policies, there are a number of documents your insurance agency and carrier will need to do a post term audit and to quote your business new coverage. This is especially important if you are deciding to shop around your policy.

Shop Your Policy

Every few years it is important to shop around your policy to multiple carriers. An independent agent can do this for you or you can do it yourself if you have the time and patience for this task. It is not wise to switch carriers every year based on a slight decline in price, but it is important to make sure your carrier is competitive with the market.

Make Sure your Classified Properly

Many businesses have employees who are not classified properly. This can cause businesses to either over or under pay workers compensation insurance premium. This commonly occurs when a business has staff members who work both in an office environment and in other areas like construction or driving. The risks associated with these jobs are drastically different and the amount the business pays for workers comp is reflected in their workers comp rate. Taking additional time to ensure your employees are classified properly is crucial to your business paying accurate rates for insurance premium.

Change your Limits

Changing the limits of some types of insurance coverage can help your business save on premium. As your equipment ages, the amount it costs to replace the equipment decreases. This can be a good time to lower your limits to a level more in line with the current value of your equipment. Be careful to lower them too low. Most policies cover not only the liability to your business because of property or equipment, but also the businesses liability for damages to outside third parties.  Take additional time to speak with your independent insurance agent in order to find places where you can safely lower your limits without putting your business at too much risk.

Consider Pay as You Go

Pay as You Go Workers Compensation is a way for seasonal or cash strapped businesses to free up cash for more immediate business needs. With a traditional workers compensation policy, as much as 25 – 33 percent of the total yearly premium is due up front just to get coverage in place. With most Pay as You Go Workers Comp Policies, a business can get coverage in place for as little as a few hundred dollars. This will allow the business to get coverage in place and pay their workers comp premium as the business brings in revenue throughout the year.

5.6% Decline in Louisiana Workers Compensation Insurance Rates 2019

Last week the Louisiana Department of Insurance approved a rate filing recommended by the National Council on Compensation Insurance (NCCI). The announcement called for a statewide decrease of workers compensation rates by 5.6 percent. Taking effect on May 1, 2019; this decrease will amount to a savings of nearly $800 million for Louisiana Businesses.  This decrease in workers comp premium contributes to rates declining by an amount of 19% over the past 5 years, 34% over the past 10 years, and 51% over the past 20 years.

Why is there a Decrease in Louisiana Workers Compensation Insurance Rates 2019?

Workplace safety is the main contributing factor making Louisiana Workers Compensation Insurance Rates 2019 go down.  For several years now, Louisiana has one of the lowest non-fatal work-related injury rates in the U.S., according to the Bureau of Labor and Statistics.

What can Business Owners do to Maximize Savings with Louisiana Workers Compensation Insurance Rates 2019?

Shop Around the Insurance Policy

It is important to periodically shop your policy around. It is equally important to establish a long term relationship with a carrier and an agency. When something goes wrong and you have a large claim, you do not want to be a new customer with either your agency or your insurance carrier. It is important to make sure your current carrier is competitive.

Partner with an Independent Agent

Partnering with an independent agent can help you save time during the quoting process. Most independent agents can shop your policy around to multiple carriers to give you options. An agent knows which carriers are hungry to quote particular coverages and industries. This can help you get more comprehensive coverage at even lower rates.

Lower The Limits

Lowering your limits is something you should be extremely careful with, but with the help of an experienced insurance professional (like your independent agent) you may be able to safely do for your business.  If you have a long and honest conversation with your agent about the activities of your employees, the equipment you own, and the level of risk you are comfortable with; they should be able to find a limit you are comfortable with. Many times this can save on premium significantly.

Pay Cash Up Front

Most insurance carriers have multiple ways to pay for your insurance coverage. If you have the cash on hand and the ability to pay for the year in full at the beginning of the term, carriers may be willing to give you a discount for payments made in full. Tell this to your agent if it is something you are able and willing to do.

Operate Safely

Operating a safe business is always a wise business decision. It will keep your customers and employees healthy. Healthy employees are happy employees and happy employees make happy customers. Having a good safety record can also help you save when purchasing insurance because a carrier is more likely to offer you a discount on premium if there is a higher likelihood of your business not filing a claim.  Keep a documented record of all safety activities is important both when purchasing insurance and in the unfortunate instance that your business has to file a claim.

Iowa Workers Compensation Rates 2019

https://iid.iowa.gov/documents/hearings/1-1-2019-ncci-rate-filing

Michigan Workers Compensation Insurance Rates 2019 

https://www.moodyonthemarket.com/workers-comp-costs-expected-to-save-employers-again-as-mi-rate-drops-in-2019/

5 Questions to ask your Independent Agent the next time your Business is up for a Renewal

Purchasing Commercial Insurance is one of the most crucial decisions any business owner can make and far too many business owners do not take adequate time to decide what insurance they do and do not need. Partnering with an agent, especially one who works with multiple carriers, is a great way to maximize savings while getting the ultimate coverage. Here are five things to consider the next time your business is up for renewal.

Why should I stay with the same carrier?

Some insurance agents only have access to one insurance company or a select group of a few carriers. These agents are called captive agents.  Using a captive agent limits the amount of carriers who are competing for your coverage.  Choosing an independent agent who has a partnership with many carriers is an efficient way to get quotes from multiple carriers all in one place. No matter which type of agent you partner with, they should have a good answer for why you partner with the carrier that you are partnering with and the answer should include more than just price. Sticking with the same carrier for multiple years can be beneficial to you when you are looking for discounts and when a claim occurs. If you have been with a company for multiple years, they are much more likely to dig deeper for discounts or not raise your rates after a year in which you had several claims or one large claim.

How many Insurance Carriers do you Actually Quote my Policy with?

All insurance companies are not created equal.  If one company has a drastically lower price, it is more than likely the policy does not cover as much or the company does not service the policy as well as other carriers. Insurance policies do not have large margins. Dramatic discounts on comparable products are not common. The only way to discount a product is for the carrier to cut in to their profits. It is not a good idea to switch carriers every year for a tiny dip in price, but it is important to look around to make sure your current carrier is giving you a competitive price.

How much experience do you have with my Industry?

It may seem like a good idea to partner with an insurance agent right down the road who is readily available and their kids go to the same school as your kids. In many situations this is the case, but not if you are in a unique industry that has unique risks. Take for example if the insurance agent down the street specializes in personal insurance (Home, Auto, and Life), yet your business operates installing solar panels on the side of a house. This is a specialized industry that includes several workers compensation class codes. If your business is placed in the wrong classification code it can cause your business to pay immensely more in premium or it could cause a claim to not be covered. This may be a situation where a specialized carrier may be better than the guy down the street.

Additionally, your business has to take into account that you are selling a new technology, you have employees climbing on top of a house to install it, and you have to store the materials at your facility in a climate controlled warehouse.  A young insurance agent who typically quotes health and life insurance may not be prepared to handle the intricacies of your businesses situation. In this case, you might be able to get more personalized service from an insurance agency across the country who specializes in protecting your particular industry.  With technology the way it is today, communication is faster and more efficient than ever. Location should not be the only factor to consider when determining which agency or carrier your business decides to go with.

What am I Missing? 

Questions that should always be asked of an insurance agent at renewal include:

• Is there any insurance coverage that you’ve not offered to me?
• Should I have this insurance?
• Why should I have this particular insurance policy?
• How much will the additional coverage cost?
• Can I afford this risk without coverage?

These are all questions to ask your insurance agent and you should be satisfied with the answer they give you. If your agent is thorough, you will be offered multiple options to either buy or decline. With those possibilities should be a brief description of the risks and rewards of the policy. Ultimately, it is up to you the business owner to decide which policies are best for you and your businesses situation.

Are we getting flexible billing options?

Pay as You Go Workers Compensation Insurance is a program designed to help business owner’s pay their premium in full each month based upon the previous months payroll. A traditional workers compensation insurance plan pays premium based on estimated payroll from the previous year or a number of previous years. These estimates may or may not be accurate. This can cause a business to under or over pay on premium and have either a credit or additional payments due at the end of the term. A Pay as You Go Workers’ Compensation Policy can benefit an employer in three main ways:

1. Pay as You Go allows businesses to pay premium monthly instead of one payment.
2. Pay as You Go frees up cash flow for more immediate business needs.
3. Pay as You Go prevents audits because both payroll and premiums are calculated monthly instead of yearly.

If your business operates in an industry where payroll is different from year to year or cashflow is a valuable asset, than Pay as You Go Workers Compensation Insurance may be beneficial to your business.  

Knowing the right questions to ask your independent insurance agent is important to your business being protected properly. When you are ready to renew commercial insurance for your business, Workers Compensation Shop.com (1-888-611-7467) has specialists standing by to answer all the questions you have about your businesses insurance coverage.

17% Decrease in Connecticut Workers Compensation Rates 2019

In 2019, CT Workers Compensation Rates will be decreasing by 17%. This is extremely good news for business owners within the state. This marks the fifth consecutive year the rates have dropped for businesses in Connecticut. These declines over the past five years amount to businesses paying nearly 50% less for workers compensation coverage.  CT Workers Compensation Rates 2019 decreased in 2017 by 14%.  In 2016 they decreased by 11%, in 2015 they decreased by 4% and again in 2014 rates decreased by 3%.

Why did CT Workers Compensation Rates 2019 Fall?

In 2019, the decreases are in large part due to a decrease in the number of workplace injuries and a decrease in claims filed. This is more than likely due to business owners throughout the state of Connecticut paying more attention to workplace safety and implementing effective return to work programs that get injured workers back on the job quicker.  The state is also seeing lower medical costs per claim.

What can Business Owners do to maximize CT Workers Compensation Rates 2019?

Shop around your policy

It is not a good idea to switch carriers every year based upon a slight drop in premium, but it is equally important to shop your policy around from time to time. This will, at the very least, make sure your current carrier is offering you a competitive salary.

It is not advisable to switch agencies or carriers each year for a slight decrease in premium, but it is beneficial to shop around to ensure you are maximizing savings. It is not a good idea to change carriers frequently because when a claim does occur the carrier will take in to account how long you have been a customer when they are determining whether or not to raise your rate or deny your business coverage altogether.

Bundle Policies

When an underwriter knows they are likely to sell a business multiple policies, they are much more aggressive with credits and discounts. In most states, Workers Comp and General Liability are required by law for nearly all businesses. In most cases, these are not the only policies most businesses need. Securing additional coverages is the best way to fully protect your business and to maximize savings.

Partner with an Independent Agent

Partnering with an independent agent is always the best way to maximize savings when purchasing commercial insurance. An independent agent can shop your policy around to multiple carriers as opposed to a select few. This allows you to focus on running your business while your agent shops around your insurance policy for you.

Make Sure You are Classified Properly

Many businesses have employees who are not classified properly. This can cause the business to over or under pay for premium. Even when this gets cleared up during the end of term audit, it still causes the business to either over pay throughout the year or have an unexpected additional payment at the end of the term.

Communicate with your Insurance Carrier and Healthcare provider

Communication is key when it comes to navigating the workers compensation system. This is true for the business owner, the injured worker, the insurance agent as well as the underwriter who represents the insurance carrier. The business owner has a responsibility to help the injured worker navigate the workers compensation system and get the care they deserve while not able to work. It is important to keep your agent in the loop throughout this process even though it is the responsibility of the carrier to administer the program. Keeping the agent in the loop can help in the unfortunate event that the carrier is not living up to their end of the bargain. If the agent knows about this process throughout, they can help hold the carrier accountable.

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south carolina workers compensation

A majority of South Carolina employers will see an average 7% reduction in workers compensation rates, while employers in the assigned risk pool will see a 9.7% increase.

https://www.businessinsurance.com/article/00010101/NEWS08/912318870/South-Carolina-comp-rates-decrease-for-most-businesses

Indiana Workers Compensation Rates Will Decline in 2019 by 7.6 Percent 

Indiana Workers Compensation Rates 2019 will be declining by an amount of 7.6 percent on average for businesses throughout the state. The Indiana Department of Insurance approved the rate decrease in October and the savings will amount to a total savings of more than $60 million for Indiana Businesses.

Why are Indiana Workers Compensation Rates 2019 Declining

Indiana Workers Compensation Rates 2019 are decreasing because of lowering frequency of worker injuries. The department of insurance also credited a robust job market as a reason for lower rates because as the economy grows people open more businesses which create a larger base for insurers to collect premiums.

How can Business Owners Maximize saving on Indiana Workers Compensation Rates 2019?

Shop around your policy

It is not a good idea to switch carriers every year based upon a slight drop in premium, but it is equally important to shop your policy around from time to time. This will, at the very least, make sure your current carrier is offering you a competitive salary.

Partner with an Independent Agent

Partnering with an independent agent is always the best way to maximize savings when purchasing commercial insurance. An independent agent can shop your policy around to multiple carriers as opposed to a select few. This allows you to focus on running your business while your agent shops around your insurance policy for you.

Make Sure You are Classified Properly

Many businesses have employees who are not classified properly. This can cause the business to over or under pay for premium. Even when this gets cleared up during the end of term audit, it still causes the business to either over pay throughout the year or have an unexpected additional payment at the end of the term.

Implement a Well-documented Safety Program

A safety program will help your business in a number of ways. It prevents injuries to employees and damages to equipment. Lowering the frequency and severity of injuries will keep your workforce healthier and happier. It also will prevent drastic increases in insurance premium because of less claims that result in the insurance company paying out less for those claims.

Include a Return-to-Work Program

If you stay in business long enough, eventually an injured worker will occur. When they do occur, limiting the amount of time they spend off the job will drastically impact your businesses experience modification rating.