Connecticut Will Experience 17% Decline in Workers Compensation Rates in 2019

Connecticut Workers Compensation Insurance Rates are going to be going down in 2019!!!

Connecticut Workers Compensation Rates are on the decline for next year. Decreasing by an average of 17%. This is a significant amount of a decline and it marks the fifth year in a row that businesses have paid less for workers compensation insurance premium. The Connecticut Insurance Department previously approved rate declines of 3% in 2014, 4% in 2015, 11% in 2016 and 14% in 2017.  Over this period of time rates have declined by just under 50 percent.

Red Barn located in the Connecticut Countryside.

Why are Connecticut Workers Comp Rates Going Down?

Connecticut Workers Compensation Rates are decreasing because of a decrease int he number of workplace injuries and a decrease in the number of claims filed by business throughout the state. Both of these factors are a result of business owners implementing more effective safety programs that include return to work programs that help injured workers get back on the job quicker. In addition to these improvements, Connecticut is also seeing lower medical costs per claim.

What can Connecticut Business Owners do to Maximize Savings?

Shop Your Policy Around

It is wise to look around to other carriers from time to time. It is not wise to change carriers frequently based only on price. Carriers value customers who have been with them for multiple years. When a business experiences a year in which there is a large claim or a year in which the business experiences multiple claims; the carrier will be more kind to the business if they are a return customer. This can prevent your business from being dropped from coverage altogether or from your rate increasing significantly. It is important to shop around to make sure your carrier is competitive with the open market, but it is not a good idea to change carriers frequently based only on price.

Partner with an Independent Agent

One of the best ways to shop your policy around is to partner with an independent agent who can shop your policy around for you. An independent agent has relationships established with multiple carriers, not one or a select few. This allows them to quote your business with many carriers in an attempt to get better coverage and lower rates. Independent agents know which carriers are hungry to offer coverage to a particular industry or a particular coverage. This allows them to leverage this knowledge to get your business better coverage at lower rates.

Choose The Pay as You Go Option

The Pay as You Go Workers Compensation Option is great for some cash strapped businesses because it allows them to get coverage in place at significantly less up front cost compared to a traditional workers comp policy. A Pay as You Go Policy also decreases the likelihood of a mid-term audit because the premiums are paid each month based on the real-time payroll from the previous month.

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