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California workers' compensation rates could decrease

When someone gets injured on the job, is it possible that they are entitled to receive workers' compensation benefits for the pain and suffering that might be experienced. However, in California, it is possible that these compensation rates could see a drop in value.

In 2013 and 2014, projections for cost of protection against lost time claims were too high, as these claims saw a significant decline. It is believed that this is due to the fact that the California's Workers Comp Reform Law affected medical costs.

Due to the declining number of those who are injured on the job, regulators are suggesting that there be a cut in workers' compensation. This proposed reduction would result in a premium rate that would be 7.8 percent less than that of the industry. $2.47 per $100 of payroll will be reduced to $2.45 per $100.

The reduction in workers' compensation was suggested, despite the fact that there are factors that could raise costs. For instance, the amount of loss adjustment expenses for the insurance companies has been high. Additionally, there has been an increase in the number of requests for independent medical reviews, in order to resolve disputes about the medical treatment for injured employees without having to appear in front of a judge.

Because these proposed rates are advisory only, insurers are not bound by the decision made by the California Insurance Commissioner. Anyone who has been injured on the job may benefit from contacting an attorney for further information, to ensure that they will get the most out of their workers' compensation claim.

 

Source: Business Insurance, "California Workers Comp Premiums Could See Another Reduction," Gloria Gonzalez, August 21, 2015

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Law Offices of William W. Green & Associates
505 S. Villa Real
Anaheim, CA 92807

Phone: 714-464-6903
Toll Free: 866-543-7598
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