On March 28, 2013 Pa Insurance Commissioner Mike Consedine announced a workers' compensation insurance rate reduction that would go into effect on April 1, 2013.
The overall decrease is 4.01%.
"We are very pleased with the rate reduction which is the second workers' compensation decrease in a row" said Consedine.
Labor & Industry Secretary Julia Hearthway stated " Pennsylvania employers are able to benefit from the outstanding job they are doing to provide safer workplaces".
Employers are advised to contact their insurance agent prior to their next renewal date to determine the impact of the rate cut on their premium.
If work comp insurance costs are declining, I believe it is the result of several factors, one of which is workplace safety. I believe we cannot ignore the difficult economic times many face. In this environment I believe workers do not want to risk their employment and this may lead to less days off for injury recovery.
IMO, another factor is the "control" of the first 90 days of medical treatment by employers who establish a list of designated health care providers, ie, the Panel Physician List.
When discussing this issue with employers and insurers, several other factors are mentioned as a "piece of the puzzle" for the overall decline of work comp cases and their associated costs.
Some attorneys mention the increased claims investigation methods and information available before a claim is accepted.
Not having a work injury is the ultimate cost saving factor!
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