Updated 7:33 am, Saturday, January 7, 2017
BATON ROUGE, La. (AP) — Insurance Commissioner Jim Donelon says the cost of workers’ compensation policies for Louisiana businesses has dropped for a fourth straight year.
The state insurance department announced this week that it had approved a 9.8 percent statewide decrease in workers’ compensation rates, to take effect May 1. The rate cut was requested by the National Council on Compensation Insurance, an organization that files workers’ comp rates in 35 states.
Donelon called the price drop a boost to businesses, which will pay less for the insurance coverage. He says the rates have fallen by 34 percent over the last decade.
The insurance commissioner credited the cost decrease to strong competition from insurance companies carrying workers’ compensation policies and fewer claims from workers.
Workers’ compensation insurance provides coverage for workplace-related injuries and illnesses.