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Delaware employers have saved nearly $4 million in workers compensation premiums during the first six months of 2015 through the Delaware Workplace Safety Program, according to the state's insurance department.
The program encourages employers to establish and maintain safe workplaces with the chance to earn workers compensation insurance premium discounts of up to 19% by meeting certain safety requirements and agreeing to undergo periodic inspections, the Delaware Department of Insurance said Friday in a statement.
The $3,978,296 savings figure, provided by the Delaware Compensation Ratings Bureau, is approximate because businesses may pay their workers comp insurance premiums annually, quarterly or by some other schedule, the department said.
“I know insurance premiums are a significant part of the cost of operating a business, big or small,” Insurance Commissioner Karen Weldin Stewart said in the statement. “This program is great because it benefits employers and employees.”
The nearly 1,500 businesses enrolled in the program last year saved about $9.3 million, according to bureau estimates.
The U.S. Occupational Safety and Health Administration on Wednesday said it will award $10.5 million in grants to nonprofits to train high-risk workers and their employers on how to prevent workplace hazards and injuries.