Administaff, Inc., the nation’s leading Professional Employer Organization (PEO), today announced that it has selected The Hartford Financial Services Group Inc. to underwrite the guaranteed-cost workers’ compensation insurance program for its corporate and worksite employees throughout the U.S.
Under the terms of the two-year, fixed-rate contract, the maximum rate of the new policy will not exceed a 3.5% increase over the policy with the current carrier. The new contract is effective Oct. 1, 2001 through September 30, 2003.
Administaff is a personnel management company that serves as a full-service human resources department for small and medium-sized businesses throughout the U.S. Administaff has 35 sales offices in 19 major markets.
Another factor that impacts insurance rates and premiums is the cost of labor and repairs connected to vehicle damage. Despite a drop in overall number of auto claims, loss costs are increasing because of a steady rise in the cost of each claim.
Physical damage premiums are continuing to increase as a result of growing repair and labor costs, which may in part Also, increasing be related to the State Farm court decision restricting the use of competitive parts.
In addition, though liability premiums have gone down in the past, the bodily injury claims severity (or medical care costs to mend injuries sustained in auto accidents) has risen significantly in 2000 compared with earlier years, and could impact liability premiums in the future.
Other factors that must be taken into consideration when evaluating insurance rates and the price consumers pay for auto coverages include a state’s economy, level of urbanization and the level of insurance benefits received in the states.
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