Virginia To See Changes In Worker’s Compensation Premium Rates This Year
January 14, 2013
It was announced Tuesday by the Virginia State Corporation Commission (SCC) that employers may notice a change in the premium rates they pay for insurance covering Virginia Workers’ Compensation benefits. The Insurance Journal looked at how some rates would see dramatic increases, while others dropped.
The National Council on Compensation Insurance suggested the changes be made after examining injury trends among different industries in the state in recent years, which the SCC approved a short time later. The changes will cause the premiums in the surface coal mining industry to increase, while underground coal mining will see a decrease in premium levels.
Experts say the surface coal mining industry will see a 4.9 percent rise in voluntary market loss costs and assigned risk rates will skyrocket by as much as 19 percent. Meanwhile, underground coal mining will receive a drop in voluntary market loss costs of around 14.5 percent and will also get a 3.9 percent decrease in assigned risk rates.
The industrial and federal class will also see dramatic changes in rates. The changes are said to go into effect on April 1 of this year.
The Norfolk Personal Injury Lawyers with Lowell “The Hammer” Stanley acknowledge how complex the process of filing for workers’ compensation benefits can be an may be able to help if you have a claim you are preparing to file or have a claim that was denied in the past.