5 years of Continued Declines for Louisiana Workers Compensation Rates 2019
Starting on May 1st, 2019 the Business Community will be saving 5.6 percent on average for Louisiana Workers Compensation Rates 2019. Louisiana Insurance Commissioner Jim Donelon said, “Rates have had a cumulative drop of 19 percent over the last five years and 51 percent over the last 20 years.” This is a very good sign for the most businesses operating in the state of Louisiana. Depending upon a number of factors, some businesses will see a larger decline in workers comp rates and other businesses will receive a smaller decline. Overall, the business community throughout the state will be saving money on workers compensation insurance premium in 2019.
Why are Louisiana Workers Compensation Rates 2019 Declining?
The agency said workplace safety is a factor. Louisiana has one of the lowest non-fatal work-related injury rates in the U.S., according to the Bureau of Labor and Statistics.
Louisiana Workers Compensation Rates 2019 are declining again. There are a number of reasons for the declining rates. At the top of the list of reasons for declining rates is competition in the market place, improved workplace safety, and better risk management practices being used throughout the business community. According the the Bureau of Labor and Statistics, Louisiana has one of the lowest non-fatal work-related injury rates in the United States. Speaking about the reasons for the decline in premium Donelon said “Louisiana businesses are benefiting from the competition in the workers’ compensation market. Through improved workplace safety and better risk management practices, rates have continued their downward trajectory and are more affordable for businesses statewide”.
What Can Business Owners Do To Enhance Their Savings?
Partner with an independent agent
Partnering with an independent agent is usually the best way to get the most comprehensive coverage at fair rates. A traditional agent (captive agent) sells the products of one or a select few carriers. If that carrier is not hungry to quote the policy you are looking for or the industry you operate in, they may not offer a competitive rate.
Shop Around your policy
It is not a wise decision to switch carriers every year based upon a slight drop in premium. Long term relationships do mean something, especially when you have a claim or a year where your business has several claims. It is also a good idea to shop your policy around periodically to make sure your carrier is competitive with the current market place.
Focus on Safety
Safety is the most important thing any business can emphasize to make their operations more appealing to an insurance agent. This is because businesses who focus more on safety have a tendency to file less insurance claims. This positively impacts a businesses experience modification rating and can have a long-lasting impact on what your business pays for commercial insurance.