Dover, DE – Delaware Insurance Commissioner Trinidad Navarro has announced that over the past year, the Delaware Workplace Safety Program has helped over 1,500 businesses save over $9.8 million on their workers’ compensation insurance premiums. The savings are a result of the businesses’ successful completion of workplace safety inspections.
“When businesses are trying to decide where to locate, the cost of workers’ compensation is often top of mind,” stated Delaware Insurance Commissioner Trinidad Navarro. “Initiatives such as the Delaware Workplace Safety Program provide not only an opportunity for businesses to save dollars, but to incentivize and foster safe and healthy environments for employees to work and earn a living. I commend our Delaware Workplace Safety team for all of their hard work encouraging safe workplaces and saving millions of dollars for our business community.”
Eligibility for the Delaware Workplace Safety Program and the percentage of the premium credit is determined by the Delaware Compensation Rating Bureau (“DCRB”). Each month, the DCRB sends the Department of Insurance a list of those Delaware employers who meet the requirements and have workers’ compensation insurance policies renewing in seven months. Employers who wish to participate, must complete and submit an application at least five months before their policy renews. To earn the discount, businesses must successfully undergo a safety inspection conducted by independent safety consultants under contract to the Department of Insurance.
Participating employers can save up to 19% on the Delaware portion of their workers’ compensation insurance premiums each year they choose to participate. Over the last five fiscal years alone, Delaware employers have saved over $45 million in workers’ compensation insurance premiums by participating in the program.
Employers who wish to inquire about participating in the Delaware Workplace Safety Program are encouraged to contact the Insurance Department at safety@state.de.us or (302) 674-7377.
Source: DE Insurance Dept