Nonprofit organization recommends hold off on midyear uptick for workers’ comp rates

Nonprofit organization recommends hold off on midyear uptick for workers’ comp rates

California business owners will likely applaud the nonprofit organization, Workers’ Compensation Insurance Rating Bureau of California, now that it has not recommended a midyear base rate increase for the Golden State.

The story originally reported at the Sacramento Business Journal says the San Francisco-based group made the midyear recommendation rate advisory to stave off a rate increase that may come July 1 – an increase that is designated on an as-needed basis only.

If a rate increase were to come July 1, here’s what business owners could expect. According to the Sacramento Business Journal:

It’s looking like the pure premium rate for new and renewing policies for July 1 would come in at $2.61 per $100 of payroll, the Rating Bureau said in a news release. That’s where it was as of Jan. 1. That’s also only 6 cents more than the average pure premium rate that insurers filed as of Jan. 1.

According to the news source, the statewide premium has increased significantly due to employment levels that are rising.

ON WORKERS’ COMP INSURANCE IN CALIFORNIA

Business owners who need to re-evalute their workers’ compensation insurance now that rates have gone on the upswing are welcomed to call Jamie Reid (619-708-4311) or Gabe Erle (877-683-9990) for a detailed and no cost evaluation.