Delaware Business Insurance Update From CNC Insurance 2.6.13

During the last two years, the workers compensation rates for Delaware have seen an increase of 26%. In an effort to reduce the rate increase, Gov. Jack Markell and the General Assembly have appointed Lt. Gov. Matt Denn to head a new Workers Compensation Task Force. In 2006, Lt. Gov. Denn who was at that time the Insurance Commisoner for Delaware, worked with the General Assembly to address the same issue. Through the promise of compensation reforms, they cut rates by 45%. Over the past five years these reforms have not worked and now rates have jumped back up. One thing is for certain, the work comp rate increase has the attention of Delaware business owners. For business owners that have been able to weather the economic storm of the past few years, most are still not at a point to absorb such increases. How quickly can this issue be addressed remains to be seen. For now, it requires business owners to remain in a state of "wait and see". Well, until next time, be careful out there and know your risks.

G. Kevin Nemith,
President, CNC Insurance

Proudly serving, Delaware, Maryland, Virginia, Pennsylvania, and New Jersey.

www.cncisnurance.com
www.bizinsurancetv.org

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