Saturday, November 24, 2018

Delaware Business Insurance Update from CNC Insurance Assoc. " Work Comp Rates to Fall" 11-24-18

Business owners in Delaware can expect the costs of work comp insurance to be less next year. The Delaware Compensation Rating Bureau is proposing a 7% rate reduction in the residual market and a 10% in the voluntary market. This is a big win for the Delaware business economy. Companies large and small often cite the high costs of work comp insurance in Delaware as a major weight that stifles growth. If the rate reduction goes through,  then expect to see more business growth which will also boost the economy in Delaware. The filing has to be approved by the Delaware Insurance Department in early December. Until next time be careful out there and know your risks.

G. Kevin Nemith President CNC Insurance Associates/ Hilb Group