Delaware Insurance Commissioner Trinidad Navarro announced Tuesday that workers compensation insurance rates will decrease for the fourth year in a row, with the voluntary market seeing an average 11.56% reduction and residual market rates decreasing an average of 8.8%.
Effective Dec. 1, the lower rates are “just one component of several efforts shepherded by the Department (of Insurance) to help businesses financially,” including a workplace safety program tied to $7.6 million in savings for more than 1,000 enrolled businesses, according to a statement.
Eligible businesses can earn up to a 19% discount on their insurance by providing and maintaining a safe place to work, according to the department.
The Missouri Department of Commerce and Insurance has recommended a 1.6% decrease in workers compensation insurance loss costs for 2020, the sixth consecutive year that average comp rates would decrease.