Workers' comp insurance rates to fall for some Pa. employers ...

Some employers in Pennsylvania will benefit from a reduction in workers' compensation costs, based on regulations approved by the Pennsylvania Insurance Department.

The department has given its OK to a 5.7 percent decrease in workers' compensation insurance premiums, which could translate to as much as $160 million in reduced costs for business owners in the state.

The state's secretary of labor and industry said the reduction for 2012 was due in part to the diligence Pennsylvania employers have shown in keeping their industrial workers and other employees safe, many of them installing a Certified Workplace Safety Committee. Nearly 10,000 businesses have signed up to take part in the program. Under the program, companies form a committee of employees who receive training in areas such as inspecting workplaces for hazards and investigating accidents. The committee must meet regularly, as well.

Companies with such a committee also will receive an extra discount of 5 percent. In all, participating businesses have more than 1.3 million employees. Even before the 2012 premium reduction, businesses that have established a committee have saved more than $430 million in workers' comp insurance premiums since the program's inception.

The 5.7 percent decrease is expected to be an average for businesses. While many will see their rates reduced even below that level, some will pay more for their workers' compensation insurance and others will recognize no savings, according to regulators. The amount charged will depend on the type of work the business does as well as its history of workers' compensation claims.

And while the premium reductions indicate a reduction in workplace injuries, it's important to remember that there will still be injuries on the job, and that workers' compensation exists for a reason. Workers who have been injured on the job should consider consulting with an experienced attorney.

Source: Insurance Journal, "Penn. Regulators Approve 5.7% Decrease in Workers' Comp Costs," Feb. 3, 2012

Source: http://www.pittsburghworkerscompensationblog.com/2012/02/workers-comp-insurance-rates-to-fall-for-some-pa-employers.shtml

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