Delaware to see lower comp rates in 2021

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.