Brace yourselves, business owners: workers’ compensation insurance rates are on the rise nationwide. While California is anticipating an 11% increase this fall, similar trends are emerging across the country. The Workers’ Compensation Insurance Rating Bureau of California (WCIRB) has highlighted key factors contributing to these increases:​

• Rising Medical Costs: Inflation and longer claim durations post-pandemic have led to increased medical expenses.

• Increase in Repetitive-Use Injury Claims: There's been a notable uptick in claims related to repetitive tasks, such as lifting or prolonged computer use.​

• Higher Legal and Claims Handling Expenses: The costs associated with legal proceedings and managing claims have grown, adding to the overall expense.​

These developments are not isolated to California. States across the nation are experiencing similar pressures, leading to adjustments in workers' compensation rates. For instance, while some regions have seen rate reductions, others are grappling with the need to increase premiums to maintain system sustainability. ​

What This Means for Your Business

If your company has been proactive in implementing safety measures, promptly reporting injuries, and maintaining a clean claims record, you're better positioned to navigate these rate increases. However, if there's room for improvement, now is the time to act.​

How UWIB Risk Can Assist

At UWIB Risk, we specialize in helping businesses like yours manage and mitigate risks effectively. Our team can guide you through the complexities of workers' compensation insurance, ensuring you have the right coverage at the best possible rates.​

Managing risk is a critical part of running a successful business. We’re here to help ensure your company complies with state regulations and arrange coverage to transfer potential risks from your operations to a trusted insurance carrier.

If your business assets or exposures require specialized coverage, consider a complimentary Commercial Insurance Review with UWIB Risk. This thorough assessment can identify gaps in your current policies and provide tailored solutions to protect your business effectively.

Take the first step towards comprehensive protection. Schedule your cost-free Commercial Insurance Review today!