Commissioner of Insurance Jim Donelon announced that rates for workers’ compensation insurance will decrease in Louisiana effective May 1, 2014. Commissioner Donelon recently approved a 5.1 percent decrease in workers’ compensation loss costs submitted by the National Council on Compensation Insurance (NCCI). NCCI is a national organization which analyzes workers compensation data and files loss costs or rates in 35 states.
“The reduction in the cost of workers’ compensation insurance is good news for our state’s business community as businesses continue to struggle faced with new mandatory health insurance provisions of the Affordable Care Act and with recovery efforts since the national economic recession of 2008,” said Commissioner Donelon.
Furthermore, according Donelon, “Louisiana’s workers’ compensation insurance market is competitive and showing signs of improvement, especially in the area of improved worker safety.” He notes that improved worker safety leads to fewer workplace injuries and less severe injuries across most employment classes, which combined are the cause of these recent rate reductions.
Although this is good news for the business community, worker’s compensation is an important safety valve for the regular employee. If you are on or are seeking worker’s compensation please contact our office. Workers Compensation is meant to serve you, and so are we.
Sources:
New Orleans Personal Injury Attorneys