28 Dec Connecticut Cuts Workers’ Comp Insurance Rate by 17 Percent
Many facets of workers’ compensation are determined by the state. Bloom Law Office keeps an eye on changes around the country, and in 2018 one of the biggest shifts was the major cut to workers’ comp insurance rates in Connecticut. Earlier this year, the Connecticut Insurance Department okayed a decrease in workers’ comp insurance rates of almost 17 percent. It’s the fifth year that these rates have decreased in Connecticut, and business owners are starting to take note.
According to the state’s Insurance Commissioner, Katharine L. Wade, “This steady drop, nearly 50 percent over the last five years, has helped business owners with one of their critical operating costs—workers’ compensation insurance. The rates reflect an ongoing decrease in the number of workplace injuries and claims filed. We also see, on average, lower medical costs per claim.”
Workers’ Compensation Insurance Cost
A decrease in insurance rates doesn’t necessarily correlate to the rates paid to claimants. Those rates are determined by another department and have not largely changed in the past five years. However, small business owners who are required by law to cover their workers with workers’ comp insurance are getting a break. Last year, the decrease was 14 percent. In 2016, the decrease was 11 percent.
The National Council on Compensation Insurance (NCCI) gathers data every year from workers’ comp departments around the country. It’s the tool used by states to make rate adjustments for the coming year. Fewer injuries and fewer claims mean lower rates. It’s a win-win situation for business owners and workers alike. When businesses have a bigger budget to work with, they can offer more raises, promotions, or worker perks.
The NCI approved a decrease of 16.8 percent in loss costs for Connecticut and a 19.8 percent decrease in “assigned risk rate levels.” Connecticut approved the new rates on October 29, to go into effect January 1, 2019.
Call Jeffrey M. Bloom Today For A Complimentary Workers’ Comp Consultation
As an employee, it’s prude to keep track of the latest development in workers’ comp law. If you’ve been hurt on the job and are considering filing a workers’ comp claim, connect with Bloom Law Office for a free consultation.