Workers compensation rates in Idaho will rise 3.7% in 2011. This is the first increase since 2005, when the overall rate increase was 5.3%. Employers in Idaho are required by law to cover their employees with workers compensation insurance benefits and pay premium rates based on payroll. The 3.7% increase is an overall average so some employer’s rates may increase, while others may experience decreases. The actual premium for an individual employer is also affected by claims experience. The State Insurance Fund, the largest writer of workers compensation insurance in Idaho, has announced a 9 % deviation, or across-the-board cut, from the standard rates approved for 2011.
The 2011 rate increase was proposed by the National Council on Compensation Insurance (NCCI) and approved by the Idaho Department of Insurance. NCCI gathers workers compensation claim statistical data and does actuarial analysis in order to set rates for member states and insurance companies. In Idaho, rates are set for approximately 600 classifications for various types of employment.
Sources: NCCI, Idaho State Insurance Fund
AMERICAN INSURANCE is an authorized agent for the Idaho State Insurance Fund as well as many other insurance companies that provide workers compensation coverage in Idaho. If you have questions or need more information concerning Workers Compensation Insurance please contact us.