Workers’ compensation premiums to decrease in North Carolina
In a move aimed to benefit businesses, North Carolina Governor Pat McCrory announced on April 2 that workers’ compensation premium rates paid by businesses are set to decrease effective this month, the Stanly News and Press reported.
The move followed the approval of the North Carolina Rate Bureau’s request for a rate reduction back in November 2014.
Estimates coming from the North Carolina Department of Insurance showed that around 95% of the state’s employers may see an average decrease of 3.4% in their 2015 workers’ compensation premium rates. Businesses that obtain coverage through an “assigned risk pool” could experience rate decreases up to 4.5%.
McCrory believes that this move will allow businesses to reinvest their money elsewhere, such as hiring additional employees.
Especially as premiums go down, it becomes more and more difficult to secure an adequate amount of workers’ compensation. The attorneys of Scudder & Hedrick, PLLC, however, are experienced at holding employers and insurance companies accountable for the compensation they are obligated to give injured workers in Raleigh, and we may be able to advocate on your behalf. Call our offices at (910) 488-1600 today to speak to a member of our legal team.