Delaware cuts workers compensation premium rates
This is good news for Delaware employers.
Delaware Insurance Commissioner Matt Denn announced that he is ordering an 11.57 percent across-the-board cut in average workers compensation premium rates effective October 1, 2008, and that he will consider making additional reductions within the next 60 days.
With This Cut, Average Workers Compensation Insurance Rates Will Drop 30 Percent in A Year. The total workers compensation premiums paid by Delaware employers is estimated at $122 million a year, meaning that the rate cuts ordered yesterday should mean savings of at least $14 million to Delaware businesses.
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Hopefully the money saving technique works. That is a horribly large amount of money to spend every year on workers comp.