We have some very good news regarding your worker’s comp insurance plan!
Does your current plan take effect or renew on or after September 1, 2021? If so, you’re about to save some money. That’s because California’s Insurance Commissioner, Ricardo Lara, recently approved a 3.4% reduction in the benchmark rate for worker’s compensation coverage.
The rate reduction applies to all policies that begin on or after Sept. 1, and will reduce benchmark rates by $.05 to $1.41 per $100 of payroll.
(By comparison, the industry average premium rate was $1.86 as of Jan. 1 of this year).
If you’re not clear on what a benchmark rate actually is, it is simply a base rate that insurance carriers use as pricing guideposts. It is sometimes referred to as the “pure premium rate.”
The rate reduction could not have come at a better time for the hospitality industry, as most restaurant, hotel, and entertainment venues can certainly use any economic relief offered.
To make sure your business is taking advantage of the lower rates, give us a call. We are standing by to answer all of your questions and get you the lowest workers comp rate on the market!
Reach us at (323) 986-6590
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