South Carolina businesses that have workers’ compensation insurance received some good news last week. The total number of claims for 2010 and 2011 were significantly down compared to the previous year and benefits were up only fractionally.
As a result the National Council on Compensation Insurance, the state’s rating agency for all workers’ comp insurance companies, has filed for a reduction of 7.4 percent in loss costs—a key part of the premium calculation equation. If I tried to explain it to you, your eyes would glaze over.
Suffice it to say that if a business has had a clean workers’ comp history lately, it could be looking at nice reduction in premiums for policies starting September.
Since 2005 the SC Small Business Chamber of Commerce has fought against workers’ comp rate increases very successfully. Fortunately, there is no need for our advocacy this year.