Delaware’s workers’ compensation insurance rates will decrease for a tenth year in a row.
The rates effective on December 1 for the voluntary market – companies with no claims history or issue obtaining coverage – will see an expected decrease in average loss of costs by 3.99%.
As for the residual market – for businesses that are dangerous or have issues finding coverage – will see an average rate reduction of 4.11%.
"Traditionally, the residual market would be higher simply because there were fewer people offering that type and in many cases it was a more dangerous environment. So it's good news when obviously both come down because it's a safe industry that they're working in," said Delaware Insurance Commissioner Trinidad Navarro.
Navarro notes the state’s Workplace Safety Program is an added benefit for employers to get more savings.
"That program employers could utilize to lower their premiums up to 12% in addition to the decreases that we've already seen,” said Navarro. “Really what it does is it makes your work environment safer because of the inspections that we do."
Navarro notes the program is not like OSHA, the state won’t shut businesses down if there are violations, but the discount would disappear if violations are found.
The program was updated in Senate Bill 248 allowing for higher discounts as previous changes inadvertently led to lower discounts.
Eligible businesses earn those discounts by completing annual safety inspections and implementing recommended improvements.
