HAWAII Workers Comp Insurance Premiums Experience Rate Decreases

Note: Workers' Compensation Insurance is a type of "property and casualty" business insurance required in all states, except Texas, where an employer may opt out. It is referred to as a "line" of insurance coverage and is purchased from an insurance agent or broker. For an overview of state laws go to: http://reduceyourworkerscomp.com/workers-compensation-state-laws-and-regulations.php. For detailed information about your state's requirements, contact your INSURANCE broker or agent. Rate Reduction in Hawaii Workers' compensation costs will decrease 4.1% this year according to the Hawaii Insurance Department (HID), allowing many premiums to fall, with new rates January 1, 2010. The loss-cost reduction is based on an on-going decline in the number of claims filed in 2007, the last complete available year. According to HID, workers' compensation insurance rates decreased 65.5% in the last five years. This will have a positive financial impact on employers in Hawaii carrying workers' compensation coverage.

"This is the largest workers' compensation insurance rate decline of any state in the nation, except possibly those states enacting major statutory reforms," said Hawaii Insurance Commissioner J.P. Schmidt. "These lower rates show Hawaii's employers effectively provide a safer work place for our workers. We continue to encourage employers to implement workplace safety programs and thereby qualify for insurer's discounts." (workersxzcompxzkit) The Hawaii Department of Labor and Industrial Relations and the Hawaii Occupational Safety and Health Division teamed with businesses and labor organizations to enforce workplace laws, leading to fewer claims being filed Schmidt said.

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: [email protected] or 860-786-8286.

We are accepting short articles* (200-600 words) on WC cost containment. Contact us at: [email protected]. *Non-compensable.

WC IQ Test: http://www.workerscompkit.com/intro/ WC Books: http://www.reduceyourworkerscomp.com/workers-comp-books-manuals.php WC Calculator: www.reduceyourworkerscomp.com/calculator.php

Do not use this information without independent verification. All state laws vary. You should consult with your insurance broker about workers' comp issues.