Workers’ Comp Rate-Setting Agency Recommends 0.9% Rate Hike

Posted on: May 7th, 2024 by Leaders' Choice Staff No Comments

The organization that helps set workers’ compensation rates in California will recommend that benchmark rates increase 0.9%, with effect from Sept. 1, 2024. While the recommendation is less than 1%, the Workers’ Compensation Insurance Rating Bureau noted that it was driven by increasing medical costs for injured workers and higher claims-adjusting costs for insurers. The […]

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Fifteen Warning Signs of Workers’ Comp Fraud

Posted on: September 28th, 2023 by Leaders' Choice Staff No Comments

Workers’ compensation fraud costs the insurance industry roughly $5 billion each year, according to estimates by the National Insurance Crime Bureau. Depending on whom you ask, fraud accounts for as much as 10% of the costs of all workers’ comp claims. This type of fraud is typically associated with malingering employees who fake injuries in […]

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Insurance Commissioner Orders Workers’ Comp Rate Reduction

Posted on: August 1st, 2023 by Leaders' Choice Staff No Comments

California Insurance Commissioner Ricardo Lara has issued an order that cuts the average advisory workers’ compensation benchmark rate across all classes by 2.6%, starting Sept. 1. After holding a public hearing in June, Lara rejected the Workers’ Compensation Insurance Rating Bureau’s recommendation that the benchmark rate increase 0.3%. The difference between the WCIRB-proposed rate and […]

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Rating Bureau to File for 0.3% Workers’ Comp Rate Hike

Posted on: May 9th, 2023 by Leaders' Choice Staff No Comments

In a sign of the long-lasting effects of reforms enacted a decade ago, California’s workers’ compensation rate-making agency will recommend that average benchmark rates increase a mere 0.3%. The recommendation by the Workers’ Compensation Insurance Rating Bureau, based on claims costs and frequency remaining low and slower cost inflation, would apply to policies incepting on […]

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Workers’ Comp Insurers Continue Cutting Their Rates

Posted on: November 15th, 2022 by Leaders' Choice Staff No Comments

Despite the Workers’ Compensation Insurance Rating Bureau recommending that benchmark rates in California be increased in the last two years, the rates that insurance companies are charging for coverage continue falling. But the party may soon be coming to an end, according to a new report. The California Department of Insurance in fact rejected the […]

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Contractors Will Need Comp Coverage Even If They Have No Workers

Posted on: November 8th, 2022 by Leaders' Choice Staff No Comments

A new law will require almost all contractors in California to carry workers’ compensation coverage, regardless of if they have employees or not. According to the author of the bill, State Sen. Bill Dodd, D-Napa, the new law was necessary due to the tendency of many small contractors to claim they have no employees, when […]

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Reporting Workers’ Comp Claims Late Can Push up Costs Nearly 50%

Posted on: June 8th, 2022 by Leaders' Choice Staff No Comments

One of the keys to keeping the costs of a workers’ compensation claim from spiraling out of control is prompt claims reporting. Claims are routinely filed late, either by the injured worker who fails to report it to the employer, or the employer dawdling or procrastinating and not reporting the claim to its insurer. Either […]

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Return to Work Not Just for Workers’ Compensation Claimants

Posted on: April 19th, 2022 by Leaders' Choice Staff No Comments

More employers are using return-to-work programs for injured workers even if they were not injured on the job, according to a study by Prudential Insurance Co. of America. Many employers have a return-to-work program for their injured employees because it cuts down on workers’ comp claims costs and lets the worker get back to feeling […]

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Workers’ Compensation Benchmark Rate Reduction Ordered

Posted on: July 27th, 2021 by Leaders' Choice Staff No Comments

California’s insurance commissioner has approved a 3.4% reduction in the average workers’ compensation benchmark rate as of Sept. 1, 2021. Ricardo Lara decided to order a rate decrease despite the fact that the Workers’ Compensation Insurance Rating Bureau, the state’s rate-making agency, had recommended that the average benchmark rate be increased 2.7%. The 3.4% reduction […]

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High Heat Increases Risk of Injuries for Inside and Outdoor Workers

Posted on: July 21st, 2021 by Leaders' Choice Staff No Comments

As many parts of the country are wrestling with ever-increasing temperatures during the summer months, a new study has found that the hotter the weather gets, the higher the risk of workplace accidents and injuries for both indoor and outside workers. The study by the University of California, Los Angeles, based on claims data from […]

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