As we enter 2025, the U.S. workers’ compensation insurance market is anticipated to maintain its stability, though several emerging trends suggest potential challenges ahead. MARKET STABILITY AND RATE TRENDS Nationally there is an overall average reduction of 6.0% in workers’ compensation premium rates for the voluntary market in 2025. Pennsylvania saw the biggest decrease at […]
2025 Work Comp Market Outlook Read More »
If your business purchases a workers’ compensation insurance policy, you’re likely familiar with the term “experience modification factor” or “experience mod.” This number is a reflection of your company’s safety record compared to that of your industry peers and directly influences your insurance premiums. Did you know that in 13 states the way they use
Understanding Gross vs. Net Reporting in Workers’ Compensation Experience Rating Read More »
Consent to rate is a term used by insurance companies to charge more premium than typically allowed. Why? Well, in workers’ compensation, either the state sets the rates to be charged on workers’ compensation classifications or the insurance company has filed their individual rates that they intend to charge each classification. Insurance companies can only
What is Consent to Rate in Workers Compensation? Read More »
Let’s talk Farm Safety. Agriculture, at its core, is not just a vital industry for food production but also one that comes with its unique set of risks and challenges, especially during the labor-intensive spring planting season. As the preparations begin on the farm for planting begin, it becomes crucial to emphasize safety and effective
FARM SAFETY GUIDE – SPRING 2024 Read More »
Managing the operational costs effectively for your business is important to the overall financial health of the company. For long term success of any business, properly developing a strong risk management and comprehensive insurance program is crucial. A key part of any risk management plan or insurance plan is workers compensation coverage which is based
UNDERSTANDING THE EXPECTED LOSS RATE IN WORKERS COMPENSATION Read More »
Despite its strengths, the market navigates through several challenges. Inflationary pressures, particularly in medical and wage sectors, are slowing the rise in claims costs but remain a concern
2024 WORKERS’ COMPENSATION INSURANCE MARKET OUTLOOK Read More »