Workers’ compensation insurance rates to increase
After two years of decreases in workers’ compensation insurance rates in North Carolina, the North Carolina Rate Bureau approved a .06 percent increase in voluntary market rates and a 4.1 percent increase in the pooled, or assigned-risk, market. The rate change will take affect on April 11, 2011.
The Rate Bureau was initially pushing to have rates increased by 1.2 percent in the voluntary market and 5.5 percent in the pooled market. State regulators negotiated with the bureau and were able to settle at the lower rates. With the lower rates, North Carolina business save $7 million. Officials estimate that employers in North Carolina will pay $1.6 billion in insurance premiums next year.
Employers are required to purchase workers’ compensation insurance to protect their employees in the case of an accident, injury or illness. If you have been injured or disabled on the job and are not receiving the workers’ compensation benefits you deserve, contact the Raleigh workers’ compensation lawyers of Scudder & Hedrick PLLC at 919-851-3311 to learn more.