Delaware Business Insurance Update, From CNC Insurance Associates Inc., "Delaware Legislatures Make a Move on Work Comp Rates" 6-29-14

The Delaware Legislature voted to reduce medical reimbursements on work comp claims. This is an attempt to reduce Delaware work com rates which pointed to medical costs as the reason for the rate increases over the last few years. The reductions will be phased in over the next 3 years and will be up to 30%.  A Delaware task force brought to the legislature findings of their study on rising work comp rates and doubled down on medical costs as the reason.  The question now is how will the medical community react to this new law ? Will this really reduce comp rates over the next few years? Only time will tell.  We will revisit this again real soon.
Until next time be careful out there and know your risks.

G. Kevin Nemith President CNC Ins. Associates Inc. and the Small Business Insurance Center
Serving DE,MD, VA,NJ, & VA
www.cncinsurance.com
www.bizinsurancetv.org


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