Workers comp rates have decreased in Delaware again.
Delaware Insurance Commissioner Trinidad Navarro says workers’ compensation insurance rates are dropping for the ninth year in a row.
"Businesses who are seeing increased costs from everything from tariffs to inflation this is welcome relief,” said Navarro. “Now, the voluntary market is expected to decrease an average loss of costs of 11.6%, and the residual - which is the market that's like the last resort - will see an average decrease of reduction of 9.08%."
Navarro notes that actual savings will vary by policy, and these rate decreases are just averages, some will be more and some will be less.
He also notes lower premiums don’t change the amount of compensation an injured employee receives.
Navarro says the lowering rates are a major success story for the state. Businesses here used to pay the highest workers’ compensation premiums in the country.
He attributes the turnaround to bold policy changes in Dover and businesses doing their part to reduce risk on the job through employee protections and creating safe work environments.
Navarro credits the department’s Workplace Safety Program for incentivizing businesses with discounts for following recommendations in annual safety inspections.
"The severity and frequency of claims are down, and that's really because businesses have participated in the Workplace Safety Program. And it's not just because they are doing it for the discount, but they're doing it because it's making their workplace safer," said Navarro.
932 employers were part of the Workplace Safety Program last year.
Those employers saved just under $5 million. Eligible businesses can earn a discount on their insurance by successfully undergoing annual safety inspections and following any recommendations.
