Delaware workers compensation rates set to decrease!

Well, after all the noise we heard earlier this year regarding decreasing workers compensation rates, it looks like it's finally going to happen. The Delaware Workers Compensation Rating Bureau, DCRB, has posted on it's website that effective 12/1/07, rates are scheduled to decrease to 17.75% in the voluntary market and 22% on the business placed through the DCRB. It's been awhile coming but it sounds like there will be some good news for those businesses that have a significant portion of their income devoted to paying their monthly workers compensation premiums. The word is that the next step, cost containment, will be rolling out sometime next spring or summer. When coupled with the currently decreased level of premiums in the commercial insurance market, this is the best time in many years for those of you to be able to realize real savings in your insurance premiums. While the premium decrease is a positive step, it still is a good idea to hedge your bets by paying attention to risk management to ensure that the premium decrease being achieved now isn't negated by a large claim down the road.

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