Delaware Business Insurance Update by CNC Insurance Associates Inc. " Delaware Comp Rates Still On The Rise" 9-30-13

Recently the Delaware Compensation Rating Bureau (DCRB) announced that it is going to be requesting higher work comp rates next year. After getting approval to raise rates 14% last year the DCRB is looking for another whopping 40% increase !  This obviously is going to open up debate in the halls of the Delaware Insurance department and the legislature. The facts  are not looking to good for the State. The insurance companies faced with reduced profits, need rate increases to keep the market viable. The economy in Delaware is ranked as one of the poorest in the nation and small business just can't afford another increase in work comp. So the State's work comp market is on a collision course.The legislature put some reforms in last year to keep rates in line but the effects have yet to show results. Small business absorbed the increase last year but have no ability to take on another increase. It is going to be interesting how this all plays out. I am sure that there will be numerous public meetings to air it out. Make sure you participate if you want to get your point across to DCRB and the State Insurance Department. Until next time be careful out there and know your risks.
By G. Kevin Nemith President of CNC Insurance Associates Inc.
Proudly Serving DE, MD, VA, NJ, & PA
www.cncinsurance.com
www.bizinsurancetv.org


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