Workers’ compensation insurance in California is continuing its recovery, with the most recent advisory rate dipping more than 11 percent.
The Workers’ Compensation Insurance Rating Bureau of California’s Governing Committee has approved an additional decrease of 11.3 percent in advisory pure premium rates, effective July 1. This latest reduction brings Workers’ Compensation rate reductions to 68 percent since the adoption of reform legislation in early 2004.
The rate changes and resulting competition among workers’ comp insurance carriers has resulted in premium savings of 25 percent to 30 percent for many employers. The new program the Chamber offers exclusively through Chamber Benefits Insurance Program gives an additional 5 percent discount to Chamber members on their Workers’ Compensation insurance premiums. This discount is applied on top of all other applicable rate reductions. Be sure you compare premiums before renewing this important coverage.
To see if your business qualifies, go to www.sdchamber.org and click on Benefits of Membership, then click on the “Workers’ Compensation” link. You will receive a response within 48 hours of submitting your request.
Not a Chamber member? Not a problem! The Chamber encourages businesses and individuals that are not yet members to investigate the many advantages of membership.
For more information, please call 619.544.1323.