There will be a decrease in Workers Compensation Insurance Rates, effective December 1.
The Delaware Compensation Rating Bureau recently approved the rate decrease, after a review by the Delaware Insurance Commissioner’s independent actuaries -- and the state’s Ratepayer Advocate examination of the bureau’s original filing.
“The voluntary market will decrease by 3-percent and most employers are in this market. We’ve worked really close with the Delaware Workers Compensation Rating Bureau to come up with this number. The residual market rate will decrease by 5.73-percent. This market is essentially for what we call high-risk occupations,” said Insurance Commissioner Trinidad Navarro.
He adds the insurance rate decrease has a direct impact on Delaware’s employers, enabling them to lower their costs and hopefully employ more Delawareans.
"It means that they’ll have to pay less for their workers compensation insurance premiums on average. And I say on average because some will see an increase," said Navarro. "But they’ll see that increase because of claims history of at-fault sort of issues that their rates, to be candid, should go up.”
Navarro says workers compensation rates increased during 2011, 2012 and 2013 in Delaware - higher than any other state in the country. But during 20-17 rates remained the same.
Employers can save even more by enrolling in a state workplace safety program. Completing that program offers saving s up to 19-percent on premiums.
You can find the workplace safety program at the Insurance Commissioner's website.
