Louisiana employers will pay lower workers’ compensation rates in 2015
Louisiana employers will pay 2.4 percent lower rates for workers’ compensation coverage in 2015, the second consecutive year of rate reductions for employers in the state.
The Louisiana Department of Insurance approved the lower rates for 2015 at the recommendation of the National Council of Compensation Insurance, a nationwide industry association that represents the interests of workers’ compensation providers. Last year, the NCCI recommended a 5.1 percent Louisiana rate reduction, which took effect earlier this year.
The 2.4 percent rate cut will take effect May 1, 2015.
“This is just more great news for anyone working or doing business in Louisiana,” said Curt Eysink, executive director of the Louisiana Workforce Commission. “Our workplaces are becoming safer all the time, and that’s making it easier for employers to afford workers’ compensation coverage for their employees.”
The NCCI recommended the lower rates because of workers’ compensation claims being filed in Louisiana and lower associated costs for providers that operate here.
The rate announcement comes a week after the federal Bureau of Labor Statistics reported that Louisiana ranked second out of 41 states and the District of Columbia for the incidence rate of non-fatal work-related injuries and illness. A key measure of workforce safety, the incidence rate has improved each year in Louisiana since 2009.
Workers’ compensation premiums paid by employers in Louisiana will come down an average of 2.4 percent.
Rate reductions will vary by industry as follows:
· Manufacturing – 2.7 percent.
· Contracting – 2.0 percent.
· Office and clerical – 0.7 percent.
· Goods and services – 2.8 percent.
· Miscellaneous – 3.9 percent.
The LWC offers free consultation services to help businesses improve workplace safety. Employers can arrange a confidential, comprehensive safety and health survey from trained workplace safety consultants.
To request a free consultation or workplace safety visit, call the LWC at 1-800-201-2497.
Posted on Tue, December 23, 2014
by The Lafourche Gazette