Business is often about the bottom line, and reducing costs is always a priority. Nevada business owners are working to reduce the costs of workers’ compensation insurance as one of these budget cuts. Understand how these options can affect you and your insurance claim.
Reductions at the State Level
Nevada business budgets just got some good news, as workers’ compensation insurance rates are set to drop with the biggest decrease in loss cost rates since 2010. The state Division of Insurance reiterates this is good news for employers, cutting costs in workers’ compensation insurance rates.
A filing with the National Council of Compensation Insurance calls for an average decrease of 5.5 percent. The filing brought by Acting Insurance Commissioner Amy Parks applies to workers’ compensation voluntary insurance loss costs. This is a significant decrease not seen since 2010, when filing decreased loss costs was an average of 7.6 percent. In addition to the loss cost decrease, a proposed average decrease of 4.2 percent for workers’ compensation insurance assigned-risk rates was also approved.
This rate reduction is attributed to favorable changes experienced by employers through the process of both loss experience and loss development. Predictions suggest workers’ compensation claims will not grow over time.
Effects on the Employee
While lower costs may have a positive effect by allowing businesses to use insurance funds elsewhere – they may also have adverse effects for employees. By planning for a lower level of compensation claims, employers may not be as prepared to handle and respond to the claims that do occur. It’s important to understand your rights in a claim and ensure you are getting all the benefits to which you are entitled.
Protect your claim and yourself by knowing what to expect. Recognized as one of the Best Law Firms in Nevada by US News and World Report, Greenman, Goldberg, Raby & Martinez has developed an easy checklist to make sure your claim is processed correctly and you receive all the benefits to which you are entitled. Download and print the checklist here.