Workers’ compensation insurance rates decrease in Delaware for an eighth straight year.
The new rates will be effective on December 1.
"This year we're seeing on the voluntary market a decreased average of about 8.4%, and the residual market will see an average reduction of 9.21,” said Delaware Insurance Commissioner Trinidad Navarro. “The residual means that those who have difficulty obtaining affordable workers compensation insurance because of claims, history or other variables can go to the residual market to find coverage."
Navarro notes this year’s decrease continues the reversal of voluntary and residual market trends, It’s the third year of this trend showing a lot of improvement in coverage affordability and employee safety.
He adds it also shows companies that previously could only obtain residual market insurance can now obtain traditional voluntary market coverage.
Workers’ compensation insurance provides coverage if an employee is hurt on the job, and it can provide medical coverage and payments for lost wages if they’re unable to work because of the injury.
The lower premium won’t change the amount of compensation an injured employee receives.
Outside of the rates, businesses can save if they’re in the Department of Insurance’s Workplace Safety Program.
Insurance Commissioner Trinidad Navarro says nearly 1,000 employers used that to save on their premiums.
"Last year alone, we saved businesses about $5.6 million and eligible businesses can earn up to 19% discount on their insurance by essentially successfully undergoing our annual safety inspections and complying with our recommendations," said Navarro.
Navarro adds the inspectors are independent safety professionals contracted by the department, and they’re not state employees or OSHA.
