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Category Archives: Workers Compensation Insurance

Washington State Proposes Increase For Workers’ Compensation Rate

Washington State workers have been dealt a major blow after the Washington State Department of Labor and Industries (L&I) instituted reforms that will see them receive the lowest increase for worker’s compensation in 5 years.   The state agency proposed a 2.5 percent increase which is a significantly lower than the 10 to 14 percent which had been anticipated reforms.

Director of the agency, Judy Schurke, said that in arriving at the figure, her agency sort to strike the right balance between a sluggish economy and the employees welfare needs. She was confident that the new reforms would stand the test of time and yield results. The legislative reforms are part of the state’s cost-cutting measures that seek to reduce national deficit and are expected to save the state approximately $1.1 billion four years down the road. In addition to this, the reforms will help Washington State eschew a double-digit workers’ compensation rate increase, which will go a long way in rekindling the diminishing state’s job market.

A statement issued by Christine Gregoire, Washington’s governor, said in part that the reforms were a shot in the arm for the job market, harmonize the rates and create a more efficient claims settlement system.  L&I has used up $332 million from the State Fund reserve since 2007 to partially compensate for workers and employers premiums in a bid to keep the rates from going through the roof during the economic turmoil. This has depleted the reserves to levels well below the industry minimum level. According to Schurke, the new reforms will address this issue and bolster the reserves. According to official reports, for the past three years, L&I has been adopting lower than the required rates. In 2008, the increase was 3.2 percent increase, 3.1 percent in 2009, 7.6 percent next year and a double digit rate, 12 percent, in 2011.

-Mike

Michael E. Dortch
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New Leadership For Ohio Bureau Of Workers’ Compensation

Ohio’s Bureau of Workers’ Compensation made  some recent leadership changes by appointing two new highly skilled individuals. Dale Hamilton and Kevin Abrams are two veteran workers’ compensation and insurance industry professionals whom will bring much needed change to the Ohio bureau. Hamilton, a former head of the Bureau’s Audit Department, will be taking the role of chief operations officer. He… Continue Reading

Businesses in Massachusetts will Save on Workers Compensation Insurance

Massachusetts businesses are projected to save nearly $70 Million after an agreement was signed that effectively ensures state workers’ compensation rates would stay at current premium levels until late 2012. Like most businesses in the United States; all businesses operating in the State of Massachusetts are required by state law to buy and maintain workers compensation insurance for all their employees. The coverage pays for lost wages, medical expenses, and… Continue Reading

Two New Insurance Companies in Maine

As a nationally licensed insurance broker InsureDirect.com writes Auto & Homeowners Insurance throughout the United States.  The state of Maine is an insurance market which InsureDirect.com is looking to expand.  If you are a licensed driver in the State of Maine and your shopping for car insurance, give us a call at our Toll-Free 1-800 Quote… Continue Reading