Insurance Commissioner John Garamendi announced Tuesday the launch of an online comparison tool listing rates of the top 50 workers’ compensation insurers in the California market. The feature, at www.insurance.ca.gov, promises to help employers burdened by the enormous costs of workers’ compensation comparison shop for the best prices.
“This tool will not only help business owners find the best rates, but it will shine a spotlight on how insurers implement the reform legislation,” said Commissioner Garamendi. “We must ensure that the savings are being passed along to employers.”
The rates on the site are obtained from filings submitted by each workers’ compensation insurer operating in the state. The rates are “manual base rates” and may be further modified by insurers through “rating plans” to reflect individual account characteristics and safety records, and by experience modifications for those employers that qualify.
The Department of Insurance does not endorse or recommend any particular insurer or broker. However, a knowledgeable and ethical broker with access to markets can be a valuable resource when shopping for workers’ compensation coverage. Employers should check to ensure that brokers are licensed and do not have negative disciplinary records. Licensing information is available on the website. Employers should also be aware that switching insurers in mid-term, prior to the expiration of the current policy, may result in a “short-term cancellation penalty.”
The rates shown on the site are not necessarily the final rates that will appear on a policy and are NOT quotes, but they do show the average base rate differential that insurers are authorized to charge. The Web site also provides a table of filed rating plan debits and credits for all insurers showing the individual account adjustments to base rates. This list shows the rating values filed by all insurers and is not limited to the top 50.
Was this article valuable?
Here are more articles you may enjoy.
GM Ends OnStar Driver Safety Program After Privacy Complaints 
Investment Funds File New Suits Over Lighthouse Insurance Collapse in 2022 
California Sees Two More Property Insurers Withdraw From Market 
JPMorgan Client Who Lost $50 Million Fortune Faces Court Setback 
