Rep. Wortham states that South Dakota truckers have a 2.7% benefit off the bat for trucking workers compensation rates, but it is actually much better than that, depending on the carrier.
The real problem is, carriers in Iowa are barely able to compete on price, since it is a rate state, while South Dakota is a loss-cost multiplier state. If you allow comp carriers to set their own profit margins based on loss cost rates, you will find many will offer rates at a very fair price. Florida has the same problem where they just had to enact a 14% increase and everybody is flipping out, but it is also a rate state and therefore carriers are unallowed to set their own target prices.
Iowa is relatively cheap for rates in comparison to CA, NY, NJ, IL, GA, and others, but is probably higher than they should be judging by the states that are close to them (KS, MO, NE, MO, WI, AR, IN, OK, etc.)
Rep. Wortham states that South Dakota truckers have a 2.7% benefit off the bat for trucking workers compensation rates, but it is actually much better than that, depending on the carrier.
The real problem is, carriers in Iowa are barely able to compete on price, since it is a rate state, while South Dakota is a loss-cost multiplier state. If you allow comp carriers to set their own profit margins based on loss cost rates, you will find many will offer rates at a very fair price. Florida has the same problem where they just had to enact a 14% increase and everybody is flipping out, but it is also a rate state and therefore carriers are unallowed to set their own target prices.
Iowa is relatively cheap for rates in comparison to CA, NY, NJ, IL, GA, and others, but is probably higher than they should be judging by the states that are close to them (KS, MO, NE, MO, WI, AR, IN, OK, etc.)