Louisiana workers’ compensation insurance rates will decrease by 2.4 percent in 2015, effective May 1 of this year. This will mark the second year in a row that rates have fallen.
Insurance Commissioner Jim Donelon explained how the current rates compared to those from prior years:
“Companies today are paying half as much for the same coverage as they were 20 years ago and about one-third as much as they were paying just 10 years ago.”
The decrease in insurance rates will provide for immediate savings by Louisiana employers. Continuous decreases in insurance rates should make doing business in Louisiana more appealing to potential employers and help to bring more jobs to the state.
Reasons for Decrease in Louisiana Workers’ Compensation Insurance Rates
The decrease in Louisiana workers’ compensation insurance rates can be explained by any number reasons, but the simplest is that fewer workers are being injured on the job. A recent study showed that Louisiana work-related deaths decreased last year. And the Occupational Health and Safety Administration just reported that Louisiana rate of workplace illness and injury is the second best in the country and well below the national average.
There are a number of other factors that have contributed to a safer workplace. For example, automated processes have removed workers from harm’s way, and increased government regulation (such as from OSHA) has also been a boon to worker safety. The downturn in the economy is another contributing factor. Fewer jobs for younger, less skilled workers means a reduction in the number of workers most prone to injury.
Contact a New Orleans Work Injury Lawyer
Louisiana has posted some impressive statistics for workplace safety and hopefully that trend will continue into the foreseeable future. However, workplace accidents still happen.
If you or a loved one has been injured on the job, The Mahone Firm is here to help. Call a New Orleans work injury lawyer at (504) 564-7342 today to get the help you need.
