Nevada Work Comp Rates To Immediately Decline By Lonce LaMon - February 21, 2011
Nevada employers' workers' compensation coverage rates are now going to decrease. Effective March 1, Nevada employers will pay less for workers' compensation.
Nevada Division of Insurance Commissioner Bret Barratt approved a filing that decreases voluntary insurance loss costs by an average of 3.9 percent and assigned risk rates by 2.2 percent.
Workers' compensation claims have declined in recent years, which contributed to the insurance rate decrease. The agency also expects medical costs to grow more slowly than wages.
As Nevada continues to aggressively market itself as the best state for business, Nevada Lieutenant Governor, Brian Krolicki, posits the insurance rate decrease will make the state more competitive.
"Nevada has one of the best workers' compensation systems and the rates are among the lowest in the West," Krolicki said in a press release. "These low rates are yet another solid example of the ease and cost-effectiveness of doing business in Nevada."
Nevada has a privatized workers' compensation system. Insurance rates vary by industry. Other states use employers' full payrolls to determine workers' compensation insurance premiums, while Nevada caps its base at $36,000 per employee each policy year.