Are lower workers’ compensation premiums for Nebraska businesses coming soon?
Last month, the National Council on Compensation Insurance sent the Nebraska Department of Insurance a suggested 4 percent reduction in the overall loss-cost level, based on three observations:
- The most recent experience is improving
- Lost-time claim frequency continues to decline
- Loss adjustment expenses have increased in Nebraska, but are still significantly lower than the countrywide average
The Nebraska Department of Insurance is deciding whether to adopt the national group’s recommendation, which suggests it take effect February 1, 2017.
The one-page letter from NCCI can be read here.
Workers’ compensation premiums are no small matter for small business. Out of 75 issues measured by the latest Small Business Problems & Priorities report, put out every four years by NFIB’s Research Foundation, workers compensation came out at 13th place, a five-point jump from the previous (2012) survey.
