NORTH CAROLINA State Lowers Work Comp Rates First Time in Five Years

State businesses will pay less for workers’ compensation insurance beginning in April of 2010 due to a settlement reached between the North Carolina Department of Insurance and the North Carolina Rate Bureau.

Insurance company premiums for workers’ comp coverage are expected to drop 9.6% for a savings of more than $100 million. There will be a decrease for the voluntary market loss costs and no change (zero percent) to the assigned risk markets. The Rate Bureau’s filings are based on historical data through the end of 2007.

The 4.4% decrease sought and approved by the Rate Bureau in 2008 marked the first decline in workers’ comp premiums since 2004.

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. (workersxzcompxzkit)

For an overview of state laws. http://reduceyourworkerscomp.com/workers-compensation-state-laws-and-regulations.php. For detailed information about your state’s requirements, contact your INSURANCE broker or agent.

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.

We are accepting articles on WC cost containment. Contact us at: Info@WorkersCompKit.com. *Non-compensable.

FREE WC IQ Test: http://www.workerscompkit.com/intro/
WC Books: http://www.reduceyourworkerscomp.com/workers-comp-books-manuals.php
TD Calculator: www.ReduceYourWorkersComp.com/transitional-duty-cost-calculator.php

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