Industry News
Six Ways Contractors Can Prepare for Higher Workers’ Compensation Rates
Authors, Sam Clayton, Vice President, Construction Group, Rancho Mesa Insurance Services, Inc.
Over the last couple of months, we have published multiple articles and podcasts on the Workers’ Compensation Insurance Rating Bureau’s proposed rate increase and now the approved 8.7% increase to the pure premium rates effective 9/1/25. But, what we have not touched on are the specific steps our best-in-class contractors are doing to position their companies to offset these increases.
How Changes to the Expected Loss Rates Will Impact Concrete Companies
Authors, Sam Clayton, Vice President, Construction Group, Rancho Mesa Insurance Services, Inc.
In addition to the Workers’ Compensation Insurance Rating Bureau’s (WCIRB) proposed 11.2% workers’ compensation pure premium rate increase, the WCIRB will also be updating the 2025 Expected Loss Rate (ELR) effective 9/1/25.
Workers’ Comp Rate Increases are Here — Are You Prepared?
Authors, Sam Clayton, Vice President, Construction Group, Rancho Mesa Insurance Services, Inc.; Matt Gorham, Account Executive, Rancho Mesa Insurance Services, Inc.
The workers’ compensation market in California is hardening. After many years of rate decreases, it appears that the market has started to bottom out. The Governing Committee of the Workers’ Compensation Insurance Rating Bureau (WCIRB) voted in favor of pursuing an 11.2% rate increase. If the California Department of Insurance approves the WCIRB’s request, it would make the first rate increase in more than a decade.
Changes on Horizon Likely to Affect Workers’ Compensation
Author, Sam Clayton, Vice President, Construction Group, Rancho Mesa Insurance Services, Inc.
Changes by the WICRB typically take place at the first of every year and can impact workers’ compensation Pure Premium Rates, Expected Loss Rates (ELR) and Wage Thresholds. However, the WCIRB has amended its filing schedule in 2021 to take effect September 1st.