Workers Compensation Rate Reduction in PA
Workers Compensation Rate Reduction in PA
At our website www.oneminutefromnormal.com we ask visitors the question: What if an unscheduled event suddenly seizes control of your business? Are you ready?
For the second year in a row, Pennsylvania’s Workers’ Compensation Rating Bureau has enacted a workers’ compensation rate reduction. The overall decrease of 4.01% went into effect April 1.
Not all employers will experience a decrease. The rate cut could result in an estimated aggregate premium reduction of up to $110 million for Pennsylvania employers. The estimated savings identified is statewide and based on individual employer risk classifications, and may vary according to claims experience, payroll and a host of other factors.
According to Pennsylvania Labor & Industry Secretary Julia Hearthway, “Pennsylvania employers are able to benefit from the outstanding job they are doing to provide safer workplaces.” She goes on to say, “Establishing a state-certified workplace safety committee encourages a safe workplace and a productive workforce.”
If your company is eligible for a rate reduction, it will go into effect following your next renewal date.
At KMRD Partners, we understand the myriad issues which are part of the premium determination for Workers’ Compensation coverage, starting with loss prevention and claims management. Other factors impacting rates include the marketplace in general which has not been kind to Pennsylvania employers over the past two quarters. The State’s base rates may be going down but if you are experiencing losses, you will most likely see an increase in the cost of your insurance. Contact your KMRD Partners customer service representative to learn how The Pennsylvania Compensation Rating Bureau determines the premiums businesses pay for workers’ compensation insurance.
We are dedicated to anticipating risk and helping firms recover from unplanned events that wait on the other side of one minute from normal.
To identify and correct coverage and service gaps in your insurance contact us at contactus@kmrdpartners.com before one minute from normal strikes your company.
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