Many business owners in California have seen their workers compensation rates increase recently. Many businesses have seen double-digit workers compensation rate increases. The Workers Compensation Insurance rating bureau has issued a report which projects a 2011 combined loss and expense ratio of 139 percent. In plain speak, this means the workers compensation insurers as an industry are paying our more in claims than they are taking in in premiums. The State of CA has passed legislation with the intent to make changes to the California Workers Compensation Insurance marketplace. These California Workers Compensation changes take effect January 1st 2013. The insurance industry remains unsure as to how this legislation will affect the insurance market.
Business owners should remain keep an eye on their workers compensation premiums as rates seem to be on the rise. For a free workers compensation insurance quote or policy review please contact our office at:
Phone: 805-963-4048 M-F 9-5