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Workers compensation insurance market stabilizing


While purchasing a workers compensation insurance is a smart practice no matter the rates, Business Insurance reported that many experts in the field believe the market is slowly beginning to solidify.

"It is a market that's bottomed out and is showing some signs of tightening," Al Gileczek, an insurance expert, told the website. "But by no means would I call it a hard market."   

Jamie Knoop, senior vice president of the construction services team for Lockton Cos. LLC in Irvine, California, told the website that some employers in California are seeing guaranteed rate increases of 16 to 25 percent when experience modification rates are factored in. However, about a tenth of employers nationally are seeing their rates reduced on a year-over-year basis, the source stated, and workers comp renewal prices have generally increased by less than 10 percent, if at all.

Being able to give employees money while they are injured shows potential employees that a company cares about its workers when they are injured on the job. It is also a necessary protection for business owners. No matter who was at fault for the injury- the employee, the employer, a coworker, a customer, or some other party- workers compensation insurance will generally still cover the costs of the injury.

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