Another Workers Compensation Rate Reduction in PA?
Another 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 third year in a row, the Pennsylvania Bureau announced a rate reduction. This year, their press release described an overall statewide decrease of 5.15% scheduled to go into effect April 1, as submitted under PCRB Filing No. C-363. This is on top of a 4.01% decrease that went into effect last year.
Workers compensation insurance provides for the cost of medical care and rehabilitation for injured workers, and lost wages and death benefits for the dependents of persons killed in work-related accidents. The Pennsylvania Compensation Rating Bureau (“PCRB”) advisory rates play a role in the premiums businesses pay for workers’ compensation insurance. The insurance department’s actuaries then confirm and approve the calculations submitted.
If your company is eligible for a rate reduction, it will go into effect following your next renewal date. Your company’s potential savings will be based on individual employer risk classifications. In addition, your premiums may vary greatly due to other factors such as your and your industry’s claims experience, payroll and a host of other factors. Ironically enough, insurance company’s today are targeting increases of up to 5% even if a customer’s loss experience has been stable. Are you confused yet?
At KMRD Partners, we are knowledgeable regarding workers’ compensation insurance. Contact your KMRD Partners customer service representative to determine how The Pennsylvania Compensation Rating Bureau calculates the premiums businesses pay for workers’ compensation insurance, and to discuss ways your company can reduce its costs.
KMRD reduces the overall cost of risk for clients by producing a greater value for each insurance dollar spent, while utilizing an enterprise risk management approach to engineer the optimal solution. The firm’s diagnostic process is supported by its unique collaborative technology, KMRD XCHANGE ®
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 business insurance risk profiles contact us at contactus@kmrdpartners.com before one minute from normal strikes.
Please feel free to share this e-mail with anyone who may find it to be useful.
