Nevada Workers Compensation Rates 2019 are Some of the Lowest in the Country
Effective March 1, Nevada Workers Compensation Rates in 2019 will be declining by 8.1%. According to the Oregon Premium Rate Ranking Study Nevada was the 46th most expensive state in the country to buy Workers’ Comp Insurance. The cost for coverage in Nevada is 71% of the national median. Each individual class code will see varying amounts of savings depending upon class code and experience modification rating. The range of changes in premium are between -29% and +15%. A sizable majority of classifications would receive decreases, often substantial decreases, as a result of this filing. A few still will see an increase in what they pay.
How is the Nevada Workers Compensation System Unique?
In the state of Nevada all businesses, must be covered by workers’ compensation insurance. Nevada operates under what is referred to as a no-fault system. A no fault system protects employees by providing medical and disability benefits along with some lost wages. The system also protects employers by limiting liability in the event of a workplace injury.
In the past Nevada was a monopolistic state. Being a monopolistic state means the employer must obtain workers compensation insurance from a compulsory state fund or qualify as a self-insurer. This means all businesses that operate within the state must purchase coverage from one provider. There is no open market for coverage. To be self insured, the business must meet certain financial criteria to qualify.
Currently, Nevada is an NCCI state. This means the state pool for high risk businesses that have been denied coverage on the open market is administered by the National Council on Compensation Insurance (NCCI). Typically states who partner with NCCI enjoy more favorable rates on workers comp coverage.
Why are Nevada Workers Compensation Rates Declining?
Nevada Workers Compensation Rates are declining significantly in 2019. This is because of a number of reasons. The payroll cap is one factor, most other states do not implement that somewhat contribute to lower rates on premium in Nevada. What a payroll cap means is that most states require the full payroll of all covered employees to be factored in the insurance premium. The rate is multiplied by each $100 in payroll. After this additional debits or credits are applied. Nevada only requires the first $36,000 of payroll for each covered employee, which reduces insurance premiums for businesses with employees who have higher salaries.
Also contributing to lower workers comp rates, is declining claims frequency. This is a trend that is happening throughout the country. Most people credit improvements in automation and workplace safety for the decline in claims frequency.
Purchasing Nevada Workers Compensation Insurance is very complex. It requires the help of a trusted advisor. More often then not the most trusted advisor is an independent insurance agent. In order to make sure your business is purchasing the right policy is to seek help from a Independent Insurance Agent. An independent agent can help you get quotes from multiple insurance companies so you can be sure you get the most comprehensive coverage at rock bottom rates.
Louisiana Workers Compensation Rates have declined over the past decade and the declines are continuing in 2019
Louisiana Workers Compensation Insurance Rates are declining in 2019 by an average of 5.6 percent. According to Insurance Commissioner Jim Donelon, “Rates have had a cumulative drop of 19 percent over the last five years and 51 percent over the last 20 years.” This has had a dramatically positive impact on the business community throughout the state of Nevada over a time when the state has needed all the help it can get.
What is Contributing to Declining Louisiana Workers Compensation
Louisiana Workers Compensation Rates 2019 are declining again. There are a number of reasons for the declining rates. At the top of the list of reasons for declining rates is competition in the market place, improved workplace safety, and better risk management practices being used throughout the business community. According the the Bureau of Labor and Statistics, Louisiana has one of the lowest non-fatal work-related injury rates in the United States. Speaking about the reasons for the decline in premium Donelon said “Louisiana businesses are benefiting from the competition in the workers’ compensation market. Through improved workplace safety and better risk management practices, rates have continued their downward trajectory and are more affordable for businesses statewide”.
Additional Savings Tips for Louisiana Businesses
When it comes to maximizing savings on Louisiana Workers Compensation Rates, there are a number of factors that contribute to what a business pays for workers comp premium. Being mindful of your operations and taking some time to make safety a priority can have a lasting effect when it comes to your business and the relationship with an insurance carrier. Here are three tips for saving the next time you purchase commercial insurance.
Focus on Safety
Safety, first and foremost, is the most important thing any business can emphasize in their operations. This is because focusing on safety is the right thing to do on a human level as well as on a business level. Your business cannot operate without employees. Keeping employees healthy and happy should be priority number one for any business owner. Not only are healthy employees happy, but they are more productive and commit less accidents. Less accidents means less damage to the businesses equipment and less missed time due to injured workers. This can have a long-lasting impact on what your business pays for commercial insurance and it does not have to take an exhaustive amount of time.
Create an Ergonomic Friendly Workspace
Some of the biggest workers compensation claims stem from repetitive motion injuries. Problems like carpal tunnel can be very debilitating for your employees. When an employee suffers from a repetitive motion injury it can take an enormous amount of time to recover. Luckily man of these injuries are preventable. Working with your employees to create an ergonomically friendly work space can help prevent much bigger problems down the road. Creating an ergonomically friendly workplace is not easy and there is not a cookie cutter formula for how to make it happen. What will benefit one employee will not be ideal for another employee. Having open doors for communication and talking about ergonomics, safety, and comfort can help you start this conversation with your staff.
Understand your Experience Mod
The full term for experience mod is the experience modification rating. This rating is what a carrier uses to determine if they are going to offer a business insurance and what to charge each business for coverage. By speaking with your insurance agent about this rating, a business owner can get an idea of what they have the ability to control that will have a positive impact on this rating. The main thing a business can do to keep this rating low is to limit the frequency and severity of insurance claims processed by your business. This does not mean you should keep everything secret from your insurance agent, but it does mean you should do everything possible to limit claims from happening. Operating a safe organization and limiting the frequency and severity of claims is the best way to keep this rating low.