Tag: workers compensation coverage

4.9 percent workers’ compensation rate hike coming to Washington

Marc
Workers compensation - Person looking stressed

The Washington State Department of Labor & Industries announced the increase for 2024. Next year, the average workers compensation premium in Washington will be 4.9 percent higher, according to a recent announcement from the state’s Department of Labor & Industries. The rate increase will become effective on January 1, 2024, and will be paid jointly by workers and employers. The workers compensation rate increase will mean that every full-time employee’s premium will be rising by an average of $65 per year. That cost will be split between workers and employees.…

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Pennsylvania workers compensation insurance implements important filing changes

Marc
Pennsylvania workers compensation - filing - errors

The state has made several large changes to help reduce the odds of filing of loss cost errors. The Pennsylvania workers compensation insurance system has undergone considerable changes that have now gone into effect. According to the state Insurance Commissioner Jessica Altman as well as Labor and Industry Secretary Jerry Oleksiak, their offices have come to agreements with two major insurers and with the Pennsylvania Compensation Rating Bureau (P.C.R.B.). Together, the organizations hope this will substantially reduce the instance of filing of loss cost errors. These errors to filing of…

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Workers compensation technology is reducing claims frequency

G. Turner
Workers compensation technology - Computer - Business - Statistics

The use of tech within this insurance space is making positive changes to the market, says a new report. Workers compensation technology is proving exceptionally advantageous to the insurance market in terms of positive and sizeable changes, said an expert’s report. The tech is promoting reduced claims frequency, which is sending rates downward. The fewer the claims insurance companies receive, the less they must often charge for coverage. “We think it’s due to insurance companies doing better on the claims of their policyholders by using technology to drive down the…

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California workers compensation rates are on their way down, but remain expensive

Nordstrom
California Workers Compensation - Construction Worker

The premiums dropped across the country, but those in the state still come with the highest price. A new study shows that California workers compensation rates have followed the dropping trend seen across the country. The coverage is becoming more affordable nationwide. That said, the Oregon Department of Consumer and Business Services found that California’s rates are still among the highest. California’s rates for workers’ compensation coverage are among the worst in the United States. The department published its Oregon Workers’ Compensation Premium Rate Ranking Summary, a report it issues…

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Berkshire-owned workers compensation insurance scam case reaches settlement

G. Turner
workers compensation insurance

Applied Underwriters, a Berkshire Hathaway owned firm, was ordered to cease bait-and-switch marketing. Applied Underwriters, an insurer owned by Warren Buffett’s Berkshire Hathaway, has agreed to a workers compensation insurance case settlement. The agreement involves providing Californian consumers with full disclosure about the product. The insurance company’s goal is to start selling plans again following a state review of alleged abuses. A major component of the settlement requires Applied Underwriters “to stop the bait-and-switch marketing tactics.” Many employers registered complaints from having been sold workers compensation insurance through bait-and-switch tactics.…

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