Yet another State has filed for an increase in Workers? Compensation Insurance rates. The latest is New York, who recently filed a request for an 11.5% increase to be effective on October 1st. This Follows similar request in Massachusetts, Florida, California, and New Hampshire.
As Workers? Compensation Insurance Rates increase across the USA, it is even more crucial to control losses which will reduce your experience mod and make your company attractive to insurance companies offering dividend plans or rate deviations.
Another option is Group Captive Insurance Programs. If you are paying more that $100,000 in premiums and have better than average losses for your industry, you really should look to see if Group Captives are a viable alternative to the traditional insurance market cycles. For many well run companies it can be a real competetive advantage.
This information is brought to you bu James S Smith, CPCU, of Smith Buckley & Hunt Insurance Agency, your Mass Workers Compensation Insurance resource.
Jim can be reached at 508-586-5432 X-102 or Jim @sbhins.com??
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