Vermont Commissioner John P. Crowley has approved workers’ compensation insurance rate increases of 10.3 % in loss costs for the voluntary market and an increase of 14.2 % in the rates for the assigned risk market, effective April 1, 2004. The National Council on Compensation Insurance (NCCI) had filed for a 16.5 increase in the voluntary loss costs and for a 20.6 % increase in the assigned risk rates.
Crowley aid there are several new program designed to reduce the higher costs for those in the assigned risk market, through incentives for workplace safety. A merit rating plans was introduced last year to assist small business owners by offering a premium discount to employers with good safety records. This year Crowley approved a merit rating plan discount of 10%, which doubles the current savings for small employers with a history of safe operations.
A loss sensitive rating program (LSRP) is mandatory for large employers in the assigned risk market currently paying premiums of $200,000 or greater. The LSRP ties the employer’s premium charges to the number and cost of claims. It is designed to encourage enhanced safety efforts by employers.
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