Delaware Business Insurance Update from CNC Insurance, Work Comp Rate Increase official

The decision has been made.....the workers compensation rate will see an increase of 14.6%. Action was taken by Commissioner Stewart addressing an amended filing by the Delaware Compensation Rating Bureau, Inc. What does that mean for businesses in a struggling economy? It will definitely be a tougher road to profit with the cost of work comp going this much. Insurance premiums to cover injured workers is usually one of the biggest expenses business owners face. However looking at the big picture, the increase should help stabilize the work comp insurance market. Insurance companies claim they have been losing money in Delaware and the increase will help motivate them to continue to write insurance in our small State. Lets hope the pain of increased costs have a long term benefit for the State's economic future. Until next time be careful out there and know your risks.

G. Kevin Nemith, Business Insurance, Small Business Insurance, Enterprise Risk Specialists, serving DE, PA, NJ, MD & VA
www.cncinsurance.com
www.bizinsurancetv.org

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