Pennsylvania Governor Edward G. Rendell touted the decision cutting workers’ compensation insurance rates, a decision he said will save the state’s employers approximately $100 million on their 2006 premiums.
The reduction averages 8.58 percent statewide. Rates were cut an average 2.89 percent or about $32 million in 2005. This is the third time Pennsylvania has reduced workers’ compensation costs in the last four years.
Rendell cfredited a workplace safety for the reduction. “Today we are continuing our effort to drive down the cost of doing business in Pennsylvania,” Governor Rendell said. “Three years ago, this administration implemented a new workplace safety initiative called Work Safe PA to give businesses and employees the information and technical assistance needed to enhance safety practices in the workplace. And it’s working — today we see the tangible benefits of that effort in the form of lower workers’ compensation costs.”
Businesses with certified workplace safety committees receive a five percent discount on their premiums, in addition to the average 8.58 percent decrease announced today.
The overall 8.58 percent loss cost decrease is an average. Some employers may see more of a decrease, while others may not.
Source: Pennsylvania Department of Insurance
Was this article valuable?
Here are more articles you may enjoy.
Insurer Chubb Readies $350M Payout Tied to Baltimore Bridge Collapse 
Rising Prices, Low Satisfaction Drive 49% of Customers to Shop For New Auto Insurance 
Insurers Get Green Light to Pay Less Than Billed Charges in Florida PIP Cases 
4,800 Claims Handled by Unlicensed Adjusters in Florida After Irma, Lawsuit Says 
