Employers are always happy to hear the news of lower costs to their workers compensations premiums.
With that in mind, many Nevada employers will see a small decrease in the premiums they pay for workers comp insurance this year.
Insurance Commissioner Scott Kipper recently approved a filing from the National Council on Compensation Insurance (NCCI) for an average decrease of 0.5 percent for Nevada workers comp voluntary insurance loss costs. Nevada employers who purchase their workers comp insurance in the assigned-risk market will see an average rate decrease of 5 percent. Both changes are scheduled to take effect on March 1, 2015.
While most employers traditionally purchase workers comp insurance in the “voluntary market,” those who find their businesses uninsurable due to extraordinary losses in the past or unique and unusual risks can purchase insurance for their businesses in the “assigned-risk market.”
Claims Projected to Grow at Slower Pace
The 0.5 percent decrease in the voluntary market is largely a result of projections that indicate workers comp claims will grow at a slower pace than previously expected.
The 5 percent decrease in assigned-risk rates is largely due to the significant expense reductions achieved as a result of Nevada’s recent servicing-carrier bid, effective Jan. 1, 2015.
The approved loss costs and rates can be found on the Nevada Division of Insurance website http://doi.nv.gov/Insurers/Property-Casualty/Filing-Information/Workers-Compensation/.
Author Kori Shafer-Stack, Editor, Amaxx Risk Solutions, Inc. is an expert in post-injury response procedures and part of the Amaxx team helping companies reduce their workers compensation costs by 20% to 50%. www.reduceyourworkerscomp.com. Contact: kstack@reduceyourworkerscomp.com.
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