Workers’ Compensation Rate Cut
Just a few days after Florida dropped workers’ compensation rates for 1/1/22 by 4.9%, the New Jersey Commissioner of Banking and Insurance approved a 5.3% decrease.
Coincidentally enough, the New Jersey Compensation Rating and Inspection Bureau recommended a 4.9% rate cut, but the commissioner revised the filing.
Average rate changes will vary by industry group. The “miscellaneous” category will see the largest average decrease at 7.1%, while manufacturing will see the smallest at 2.6%, according to information provided by the Compensation Rating and Inspection Bureau.
The bureau also announced that the commissioner approved changes to the Workers Compensation and Employers Liability Insurance Manual.
A summary of manual changes is available here.
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Contact Professional Employer Organization (PEO) Expert, Paul Hughes
Paul Hughes has been working with the Professional Employer Organization (“PEO”) industry since 1995 and data management since 2005. He is responsible for the day to day operations of both Libertate Insurance Services, LLC and RiskMD, which reports into the overall Ballator Insurance Group family of companies. Learn more about Paul.
Specializing in PEO Services: Workers Compensation, Mergers & Acquisitions, Data Management, Insurance Focus on: Employment Practices Liability (EPLI), Cyber Liability, Health Insurance, Occupational Accident, Business Insurance, Client Company, Casualty, and Disability Insurance.