DOVER — Workers’ compensation insurance rates will decrease once again beginning Dec. 1, Delaware Insurance Commissioner Trinidad Navarro announced Monday.
For the eighth consecutive year, voluntary workers’ compensation rates are expected to decline, with average loss costs projected to drop by 8.4% in the voluntary market, according to the office.
Further, the residual market is anticipated to see an average rate decrease of over 9.2%.
“Delaware’s businesses used to pay some of the highest workers’ compensation premiums in the country, but I am proud to say that from the start of my administration to today, we have been able to approve rate decreases every single year,” Commissioner Navarro.
“In fact, these consecutive and significant reductions prompted us to work with partners to amend the premium threshold at which companies can receive additional premium discounts through participation in our Workplace Safety Program.”
Workers’ compensation insurance can protect employees hurt on the job by covering medical expenses and providing wages for individuals unable to work due to their injuries.