Topeka, KS – Many Kansas business owners will pay less for workers compensation insurance for 2016, according to Ken Selzer, CPA, Kansas Commissioner of Insurance.
The 2016 rate filing for the workers compensation rate shows a decrease of 11.6 percent in the voluntary base rate and a decrease of 10.4 percent for assigned risk workers compensation rates. The filing came from the National Council on Compensation Insurance, Inc. (NCCI).
Many of the approximately 65,000 Kansas businesses that pay workers compensation insurance will be affected by the decreases.
“This rate decrease means that many Kansas companies will pay less for the insurance they have to provide,” said Commissioner Selzer. “That means more money to grow their businesses.”
“Kansas has built a business environment that reduces costs and supports growth,” Kansas Commerce Interim Secretary Michael Copeland said. “Lower workers compensation rates allow companies to invest more in the economy and create jobs.”
Voluntary workers compensation base rates are used by all insurance companies writing workers compensation in the competitive market. Assigned risk rates are used for insured businesses in the Kansas Assigned Risk Plan, a state organization for those businesses who are unable to obtain coverage in the competitive market.
The filing applies to all insurance carriers writing workers compensation policies for businesses in the state. The new filings were approved by Commissioner Selzer and the insurance department staff for a Jan. 1, 2016, effective date.
NCCI prepares workers compensation rate recommendations and manages the nation’s largest database of workers comp information.
Source: KS DOI