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NC Companies Should Save Millions as Workers Comp Premiums Decrease

Source: Triangle Business Journal

Posted on 03 Sep 2009

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Workers compensation insurance premiums should be significantly lower for North Carolina companies next year, according to the North Carolina Rate Bureau.

The North Carolina Rate Bureau, the organization that represents the state's insurance companies, has filed with the state Department of Insurance for a 9.6 percent decrease in the premium that rate most North Carolina companies pay for workers' compensation coverage.

The Department of Insurance either will approve the suggested rate or propose a different rate after holding a public comment session on Sept. 15.

The deadline for submitting written comments is Sept. 30.

If the current rate proposal is approved, the decrease would take effect April 1 and would save businesses more than $119 million, according to the Department of Insurance.