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Delaware Workers Compensation Rates

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DE Rates

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According to the OR Department of Consumer Business & Services, Delaware ranks 34th highest in premium rates nationally.  The results, announced in the 2010 study, show a dramatic improvement for Delaware workers compensation rates from the same 2008 study, which ranked Delaware as the 7th most expensive in the country.

Matt Denn, then Insurance Commissioner and current Lt. Governor, ordered an 11.75% decrease in worker’s compensation rates in October of 2008, which lead to the dramatic change in rate rankings.  Delaware’s 28-state improvement made it the largest mover in the 2010 study.  Delaware premium rates are currently 9% below the national median.

Many employers have not received the full benefit of the rate reduction as some carriers applied more scheduled debits to make up for the loss in premium.  Workers Compensation Shop.com offers free policy reviews for Delaware employers to ensure they are properly classified and benefiting from lower rates in DE.

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 DE Comp Rates

 

Delaware Rates and Workers Comp Class Codes

Delaware is not under the state jurisdiction of the National Council on Compensation Insurance (NCCI) like most other states.  The Delaware workers compensation system is managed by the Delaware Compensation Rating Bureau.  The Bureau administers the DE State Fund or Assigned Risk Plan.

Delaware does publish a list of class codes and manual rates for the state fund but their is no comparative analysis published between the lowest workers compensation rates in Delaware and the Assigned Risk rates for the state:

The Department of Insurance in Delaware oversees the Residual Market Assigned Risk Plan for the state.  If an employer is unable to purchase workers compensation in Delaware from a private insurance company, they are eligible for a policy from the Delaware Workers Compensation Insurance Plan (DIP). 

In order to apply for State Fund coverage in Delaware, two or more voluntary markets licensed to quote coverage in Delaware must first decline the insurance application due to class codes or experience modification and loss history.

The fact is that the DIP is the carrier of last resort and no employer should buy coverage from the DIP unless they have no other options.  Aside from having rates up to 50% higher than private carriers, the DIP applies a surcharge of .50% to all polices issued through the Delaware State Fund.

Workers Compensation Shop.com Rates

Workers Compensation Shop.com is a national insurance agency with insurance partners offering some of the lowest workers compensation in Delaware and throughout the United States.

Contact one of our Specialists today at 888.611.7467 to see if your business qualifies for lower workers compensation rates in Delaware.  Or start a quote online here.


State Resources for Delaware

Office of Insurance Commissioner

841 Silver Lake Blvd., Rodney Building
Dover, DE 19904
302-739-4251
www.delawareworks.com/

industrialaffairs/services/

Workerscomp

Delaware Compensation Rating Bureau

www.dcrb.com/shared/

d_contents.htm

DE Office of Workers’ Compensation

www.delawareworks.com/

industrialaffairs/services/

WorkersComp.shtml
Fox Valley Office
4425 North Market Street
Wilmington, Delaware 19802
(302) 761-8200 (New Castle)
(302) 422-1134 (Kent and Sussex)

State of Delaware

www.delaware.gov/

DE Department of Labor

www.delawareworks.com/
4425 North Market Street
Wilmington, Delaware 19802
dlabor@state.de.us

DE Division of Industrial Affairs

ww.delawareworks.com/

industrialaffairs/
4425 North Market Street, Third Floor
Wilmington, Delaware 19802
(302) 761-8200

 

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Work Comp Rates for Delaware

The Delaware Department of Insurance approved a workers compensation rate increase for Delaware effective December 1st 2011.  The average rate increase is a whopping 16.5% for the State Fund and 11.3% for the voluntary market.  The new rates approved by DCRB will make it more important for employers to shop coverage in Delaware than ever before.

 

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