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Increase in premiums North Carolina

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  • Increase in premiums North Carolina

    I imagine that a serious injury (spinal etc...) claimed to the employer would prompt the carrier to increase the premiums. Especially in respect to inherently dangerous jobs such as iron workers, etc... Any thoughts?

  • #2
    It is a little more complicated than that. Yes, employers in high risk industries pay more than those in low risk ones. Same goes for employers with a large number of high dollar claims versus those with minimal claims.

    It is like auto insurance. Drive a Porsche and you will pay more than someone driving a Chevy compact. The person who drives 100 miles or more a day is going to pay more than someone who puts less than 10K on their car in a year. Total a car every year and you will pay more in premiums than someone who has never had an accident. Whether one accident is enough to raise your rates in the future by any substantial amount is questionable.
    I post with the full knowledge and support of my employer, though the opinions rendered are my own and not necessarily representative of their position. In other words, I'm a free agent.

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    • #3
      Comp reforms in NC will not lower premiums

      Interesting question, Tower Pro. It is a complicated method by which premiums are calculated.

      There are bills pending now in the NC House (HB 709) and NC Senate (SB 544) to reduce benefits to injured workers in an effort to reduce costs.

      But there is absolutely nothing in those bills to require the insurance companies to pass along any savings to the company that bought the insurance!

      Only the big insurance companies and the large self-insured employers will get any savings that result from these benefit reduction bills. Their lobbyists wrote the bills, of course.

      Insured employers in NC should insist that any cost savings be passed along to them by their insurance companies.

      If you think the free market will take care of this, you are mistaken. Just google "AIG Workers' Compensation Premium Fraud" if you think the insurance companies can be trusted.

      You should contact your state rep and state senator and the leadership and insist that the bills include provisions requiring the additional profits be shared with small businesses that buy insurance. Google "NC General Assembly" for more info and contact info.
      Bob Bollinger, Attorney
      Board Certified Specialist in NC Workers' Compensation Law
      Charlotte, NC

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      • #4
        I agree Bob............I will.............I have.........!! Thanx. aka Mozart

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