Pressure by?State Compensation Insurance Fund (SCIF) President Tom Rowe not to increase rates at all resulted in a close 6-5 vote in favor against publishing any increases.?Rowe reasoned that filing for 0% would put the right kind of pressure on the workers? compensation system to ensure that the upcoming regulations experience all the savings that were intended by the creators of the legislation.
Steve Meyers, principal at Ace American Insurance Company, cast the tie-breaking vote. After the meeting, he expressed his sentiments on why he voted for a 0% increase.??The regulations aren?t written yet, but the spirit it to tighten things up and make it better for employers in California,? he says.
What it means to California employers
The bottom line: this is good news for California employers who have been grappling with rising workers? compensation insurance premiums ?for the past five years. While workers? compensation rates in California are still one of the highest in the nation, it is positive to see the legislature working hard to turn around the system and maintain costs for state-based employers.
Businesses also have the ability to proactively pursue best-practices in risk management and safety engineering. By conducting regular work-place inspections, ongoing safety training, and proactive claims management, employers can significantly reduce the frequency and severity of workplace injuries, ultimately leading to lower workers? compensation costs.
CPEhr employs a fully staffed risk management department, managing the entire workers? compensation process from on-site inspections and written safety procedures, to claims administration and insurance carrier negotiations. For more information, please contact us.
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