A 4% plus rate increase in workers’ compensation premiums requested by the insurance industry, faces opposition from Martha Coakley, Attorney General for Massachusetts. The rate increase, if accepted by the Commissioner of Insurance, would cost small businesses and other employers more than $40 million in extra premiums Coakley said.
"Businesses, particularly small businesses, are already struggling in these difficult economic times and cannot afford to overpay for insurance coverage," Coakley remarked. "We have serious concerns about the insurers' proposed rate hike and the additional strain it would put on employers. Businesses are mandated under state law to purchase workers' compensation insurance, and they deserve fair rates to ensure that they can comply without having to layoff additional workers." (workersxzcompxzkit)
Coakley said, her office will intervene in the rate proceeding to protect the public interest and work to halt the unnecessary increases.
Author Robert Elliott, executive vice president, Amaxx Risks Solutions, Inc. has worked successfully for 20 years with many industries to reduce Workers' Compensation costs, including airlines, health care, manufacturing, printing/publishing, pharmaceuticals, retail, hospitality and manufacturing. He can be contacted at: Robert_Elliott@ReduceYourWorkersComp.com or 860-553-6604.
Podcast/Webcast: Claim Handling Strategies
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http://www.workerscompkit.com/gallagher/podcast/ Claim_Handling_Strategies/index.php
Do not use this information without independent verification. All state laws vary. You should consult with your insurance broker or agent about workers' comp issues.
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