Delaware workers' compensation insurance rates to drop by double digits in December
Delaware workers’ compensation insurance rates will drop by about 20% in December, according to the Department of Insurance.
The voluntary market is seeing an average 20% decrease in voluntary market loss costs, and residual market rates are also decreasing by an average of 20%, according to a press release from the Department of Insurance.
It's the fifth year in a row that workers' compensation rates have dropped. This year's decrease, which was decided by the Delaware Compensation Rating Bureau, will go into effect on Dec. 1.
Policyholders will see rate changes upon renewal. Savings vary by policy.
Lower premiums do not change how much a worker can get in compensation insurance, but it does affect employers. The rates that employers pay help cover medical treatment or lost wages if a worker gets hurt on the job.
Read more: https://www.delawareonline.com/story/news/politics/2021/11/30/delaware-workers-compensation-insurance-rates/8798368002/