Some 30,000 small businesses in Idaho will reportedly prosper from a nearly $7 million settlement over dividend and other payments they claim they are owed from the state’s workers comp insurer.
According to the Idaho Statesman, policyholders with yearly premiums amounting to $2,500 or less have not receive their portion of dividend and related payments from the State Insurance Fund for the last seven years. As to how much each small business will receive depends on the amount each contributed to the fund. (WCxKitz)
The lawsuit was filed four years ago, with a legislator who serves on the insurance fund’s board unveiling a bill to end the fund’s dividends in 2009. As it turns out, the bill did not go through.
The newspaper goes on to note that companies acquiring workers comp coverage between July 1, 2001, and June 30, 2007, maintaining premiums of $2,500 or less may qualify. (WCxKitz)
Lawyers representing the plaintiffs are requesting up to one-third of the settlement amount as it pertains to their services.
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, healthcare, printing/publishing, pharmaceuticals, retail, hospitality and manufacturing. Contact: [email protected] or 860-553-6604.
WC Calculator: http://www.LowerWC.com/calculator.php
TD Calculator: http://www.LowerWC.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 agent about workers' comp issues.
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