In an article posted by Best’s Review in their November issue… they’re reporting concerns with the claim vs. premium experience in workers compensation. In summary:
- Calendar-year combined ratio increased 7 points to 118.1% in the last 10 years.
- Premiums have declined 30% since 2005.
- Negative ratings for insurance companies have outpaced positive ratings.
What does this mean for the average business owner? Premium increases in workers compensation rates!!! It’s time to setup procedures to help control your costs.
Our agency helps employers in the Chicago Illinois area to control and monitor Work Comp Premiums. Give me a call if I can be of any assistance for your business.