The Sac Biz Journal has bad news for employers… workers’ compensation insurance rates could be going up. Apparently, the Workers’ Compensation Insurance Ratings Bureau recommended a 40% increase in workers’ comp insurance. Now the 40% rate increase is not necessarily going to become effective as it is merely advisory recommendation only. Nevertheless, we could see an increase in rates as medical care costs are going up.
Hearing about workers’ compensation increases ultimately reminds me of the early 2000’s when we had a workers’ comp crises. Hopefully, we will not have another workers’ comp meltdown.