Monday, June 25, 2012

Workers' Comp Pure Premium Rate Set to Rise Again

Last November I wrote about the increase in the Pure Premium rate effective January 1, 2012.  The Insurance Commissioner approved another increase, to an average rate of $2.49 per $100 of payroll (an increase of about 8% over the January 1, 2012 average rate).

In the article I linked to above, I explain more about what the Pure Premium rate is and how it may impact your premiums and your business.  As I mentioned in that posting, your insurance broker can work with you and your team to effectively manage variables impacting your insurance premiums and help put you in the best position to control your insurance costs.  Information and education (including educating your workforce) are two of the most important weapons in your arsenal.  Some of these approaches are outlined in an article by Griff Griffith which is also posted this month.

Even though it may be too late to impact what may be happening with your rates if you are a July 1 renewal, it still makes sense to get with your broker and discuss action  steps, things you can change in your business now, to begin mitigating the costs and improve your position the next time you are up for renewal.

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