California Workers Compensation Insurance Rate Increase
August 12, 2009
The WCIRB has recommended another California workers compensation insurance rate increase. The suggested rate increase is 22.8 percent. The WCIRB (workers compensation insurance ratings bureau) has already recommended two rate increases earlier this year.
According to the San Francisco Business Times:
Insurance Commissioner Steve Poizner on Wednesday criticized a proposal by the California Workers’ Compensation Insurance Rating Bureau to increase the state’s base workers’ compensation benchmark rates by 22.8 percent.
It's good to see that California's insurance commissioner agrees that the California workers compensation insurance rate increase is ridiculous. In this struggling economy the last thing businesses need are higher work comp rates.
Businesses are closing left and right in California, not to mention the ones that have already left the state because of how unbelievably difficult it is to survive in this state with all of the taxes and regulations. Well this might be the final death knell in an already dieing state.
If you are a business owner and you are struggling with high California workers compensation insurance rates, I can't stress more how important it is to have your policy audited for mistakes. I'm not talking the audit that the insurance company's perform but one where a workers compensation specialist thoroughly reviews your policy and finds the mistakes made by insurance companies.
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