The price of Virginia workers’ compensation insurance, the coverage that pays for lost wages and medical care when people are injured or killed at work, needs to come down again, according to a national rate-setting body.
In a filing with the State Corporation Commission, the National Council on Compensation Insurance says base rates for the voluntary market — that is, for employers who are able to shop around — should decline 12%.
Base rates for the assigned risk pool, which is for employers that cannot get an insurance company to cover them, should decline 15.8%, the council said. If the SCC approves, the new base rates would take effect in April.
Read the full story in the Richmond Times-Dispatch.
