Filing will lower premiums for Pennsylvania businesses
Harrisburg, PA – The Pennsylvania Insurance Department (PID) and the Department of Labor & Industry (L&I) today announced that PID approved a loss-cost filing, which includes a 7.88 percent reduction in loss costs. Loss-costs help determine workers' compensation insurance rates paid by businesses, and this reduction will likely lead to lower premiums for many Pennsylvania businesses.
“PID is dedicated to establishing a cost-effective and competitive workers' compensation market, which plays a critical role in helping keep costs down for Commonwealth businesses," said Pennsylvania Insurance Commissioner Michael Humphreys. “We're seeing a lot more insurers across the state offering workers' compensation coverage, and employers now have more options for this vital insurance. Today's filing falls in line with several reductions in recent years, which ultimately assists business owners in creating good-paying jobs for hardworking Pennsylvanians."
This loss-cost revision was filed by the Pennsylvania Compensation Rating Bureau (PCRB), an independent bureau that makes filings to PID on behalf of companies that write workers' compensation insurance in Pennsylvania. Workers' compensation insurance covers the cost of medical care and rehabilitation for injured workers, lost wages, and death benefits for the dependents of those killed in work-related accidents.
Approximately 370 insurance companies offer workers' compensation insurance coverage in Pennsylvania. The loss-cost filing premium savings for an individual employer will vary based on the employer's risk classification, claims experience and other factors.
"Fostering a strong workforce and economy in Pennsylvania requires an equitable playing field for both businesses and workers alike," said Department of Labor & Industry Secretary Nancy A. Walker. “When Workers' Compensation Insurance rates are reduced, it is a win for everyone. Employers are more likely to comply with workers' compensation laws ensuring these benefits are there for injured workers when they are most needed."
L&I's Bureau of Workers' Compensation Health & Safety Division provides employers with the most up-to-date and relevant safety training and information possible for employees through its Pennsylvania Training for Health and Safety (PATHS) initiative. Employers should contact their insurance company or agent for more information about how their workers' compensation premiums could be affected.
More information on Pennsylvania insurance products can be found here.
Additional information on Bureau of Workers' Compensation, Pennsylvania Training for Health and Safety (PATHS) free workplace safety and Health training is available on L&I's website.
Consumers with questions or wishing to file a complaint can contact PID's Consumer Services Bureau, or by calling 1-877-881-6388.
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