Risk & Business

Image via Wikipedia While recently reading the current issue of an insurance industry trade magazine , American Agent & Broker, I came across an article discussing workers compensation . The article, entitled "Workers' Comp: 7 Biggest Mistakes", discussed proactive steps the employer should consider in order to increase the chances of the injured worker returning to work quickly, and also cut down on the cost to the employer. Some steps mentioned are - meeting with care providers to discuss the care of the employee; having regular on site file reviews of the injured workers case; using a medical doctor of their choosing to review medical records and reports instead of relying solely on the adjuster to make medical decisions, and simply staying involved with the process from start to finish. They did throw in one other step that's quite important, asking for and receiving assistance from your agent. While the agent cannot get involved in the actual adjus...

Image via Wikipedia Matt Denn , the outgoing Delaware Insurance Commissioner , soon to be Lieutenant Governor , has ordered up additional cuts to the Delaware workers compensation rating structure. According to the insurance department's website, "The latest order by Commissioner Denn requires that the state’s workers’ compensation insurance companies discount average premiums by 6 percent each year in 2008, 2009, and 2010, and by 5 percent in 2011." Based upon their information, with these rate cuts and previous cuts already put into place since November of 2007, the total decrease in rates will add up to 45%. This is certainly good news for the Delaware business owner , especially in these lean economic times.