2015 Colorado workers’ comp insurance premiums will not cost more for the average employer, as the “loss costs” of these premiums did not spike for the first time since 2010. As the Colorado Division of Insurance (CDI) recently noted, this is due to the fact that a substantial number people who experienced workplace injuries ended up returning to work sooner than planned in 2014.
This is likely good news to employers who are looking to cut or maintain low workers’ compensation insurance costs this year, as they ended up paying increased premiums:
- In 2014 when the increase in premiums was 2.6 percent (from 2013)
- In 2013 when the premiums increased by 5.2 percent (from 2012).
In making this announce, the CDI did explain that some employers, based on their specific industry, may still experience an increase in their 2015 Colorado workers’ comp insurance premiums.
A Closer Look at 2015 Colorado Workers’ Comp Insurance Premiums: What Are Loss Costs?
Given that the relatively stagnant rate of loss costs were noted as a primary reason that the 2015 Colorado workers’ comp insurance premiums didn’t generally increase, it may be worthwhile to take a closer look at what loss costs for workers’ comp insurance are.
Essentially, loss costs are baseline, variable rates used to determine insurance premiums. For workers’ comp insurance, some of the factors that impact how loss costs may vary from year to year include (but are by no means limited to):
- How many workers’ compensation claims are filed in a given year
- How long these claims remain open
- How severe the injuries are related to these claims
- How much medical treatment for these claims ultimately costs.
While Marguerite Salazar, Insurance Commissioner, has noted in the past that “increasing claim costs and increasing frequency of claims continue [to be] trends,” when remarking on the 2015 Colorado workers’ comp insurance premiums, she noted that, “these results come down to the efforts made by employers and employees to control workers’ compensation costs.”
Denver Workers’ Compensation Attorneys at the Law Office of Steven J. Picardi
If you have been hurt at work, it’s time to contact the Denver workers’ compensation lawyers at the Law Office of Steven J. Picardi.
With more than 30 years of combined workers’ compensation experience, our attorneys have extensive knowledge of Colorado workers’ compensation law, strong credentials and a significant record of success. This has helped them to defend employers and represent injured employees in all phases of workers’ compensation litigation. Our firm’s lawyers remain abreast of the latest changes in workers’ compensation laws and are ready to use their skills and knowledge to your advantage.
Let’s Talk – Contact Us Today
For experienced legal advocacy in defending or filing a workers’ compensation claim, contact the Picardi Law Firm for a consultation by calling (303) 778-8881 or by emailing us using the form at the top of the screen.