Denver Workers' Compensation Lawyer: Mack Babcock

(303) 683-5033 FREE CONSULT 4600 S Ulster St.
Suite 800, Denver CO 80237
  • Our Firm
    • Our Mission
    • Injury Attorney Profiles
    • How Representation Works
  • Practice Areas
    • Workers’ Compensation / Work Injuries
    • Car Accidents
    • Truck Accidents
    • Motorcycle Accidents
    • Drunk Driving Accidents
    • Pedestrian Accidents
    • Injured Truckers and Cab Drivers
    • Slip and Falls (Premises Liability)
    • Insurance Disputes
    • Wrongful Death
  • Reviews
  • News
  • Resources
    • Legal Library
    • Workers’ Compensation Guide
    • Scholarships
  • Locations
  • Contact
Personal Injury Attorneys (Home) › Attorney Blog › Workers' Compensation › No Increase in 2015 Workers’ Compensation Insurance Premiums

No Increase in 2015 Workers’ Compensation Insurance Premiums

June 23, 2015

excited male entrepreneurColorado employers were granted a reprieve this year when it comes to the cost of workers’ compensation insurance premiums. For many employers, their workers’ comp premiums will not increase ‘loss costs’ for 2015—a first since 2010.

What Are ‘Loss Costs’?

A loss cost is the baseline (typically variable) rates that insurance companies use to determine a company’s premiums. Several variables influence what the loss costs for workers’ comp insurance will be. These variables include:

    • The number of workers’ compensation claims for the year
    • The duration it takes to settle the case
    • The severity of injuries a worker suffers
    • The overall cost(s) of the medical treatment required for the victim

 

No raise in workers’ compensation insurance premiums is welcomed news for many Colorado employers, especially those who have considered making cuts and/or keep their insurance costs low this year.

In the previous two years, premiums went up; therefore, many employers were likely bracing for a repeat. In fact, 2014 saw a 2.6% increase from 2013, and 2013 saw a 5.2% increase from the year before.

While most employers can expect to see no increase, the state insurance agency couldn’t rule out this break for everyone. They stated that some industries could see an increase based on their industry classification. They also added, however, that any increase would remain flat across classes.

The Colorado Division of Insurance contributes the lack of premium increase to employers being able to give their injured workers adequate support so that they were able to return to their job(s) quicker.

According to Insurance Commissioner Marguerite Salazar, “These results come down to the efforts made by employers and employees to control workers’ compensation costs. Getting injured workers back to work sooner, meaning that claims are closed faster, helped offset a small increase in claim costs, resulting in no change to loss costs.”

If you’ve been hurt on the job and need help negotiating with your employer in order to receive the compensation you deserve, contact Babcock Law for a free consultation. We also encourage you to browse our firm’s blog and knowledge center.

Filed Under: Workers' Compensation Tagged With: Colorado job injury, Colorado workers' compensation laws, on the job injury, workers' comp benefits, workplace accidents

5-star review image
David seemed genuinely dedicated to getting me the most fair settlement possible.
Workers Compensation  |  Longmont
Retained following injury to knee, ankle and foot. Negotiated settlement for injured worker.
2018-02-07
"I was referred to Babcock Law Firm by a friend. My case was not a significant one, but ..."
Katey, Verified Customer
5-star review image
Review
Workers Compensation  |  Aurora
Retained following a Final Admission of Liability with 0% impairment. Negotiated settlement for injured worker.
2017-10-13
"Babcock Law firm settled my case in a very timely manner. The attorney I worked with and the ..."
Barb, Verified Customer
5-star review image
Thank you!
Workers Compensation  |  National
Retained following denial of a low back claim and obtained a financial settlement.
2018-03-25
"Stephanie Tucker was wonderful. Thank you so much it was a really hard and confusing time and I ..."
Lili, Verified Customer
Related Articles from our Knowledge Center
Workers Compensation
When You're Injured
  • How to File a Work Injury Claim
  • Reporting a Work-Related Injury or Condition
  • Workers' Compensation Overview
Obtaining Treatment & Benefits
  • Workers’ Compensation for Law Enforcement Officers
  • Reasons Why Temporary Disability Benefits Can Be Terminated in Your Workers’ Compensation Case
  • Workers' Compensation Case Timeline
Work Injury Prevention, General Information
  • How Forced Arbitration Leaves Employees Helpless
  • Combustible Dust: An Explosive Work Hazard
  • 10 Common Workplace Injuries
View All Workers Comp Articles

Blog Categories

  • Auto Accidents
  • Community
  • DUI/DWAI
  • Firm News
  • General
  • Insurance Disputes
  • Personal Injury
  • Premises Liability
  • Preventing Injury
  • Product/Safety Recalls
  • Workers' Compensation
  • Wrongful Death

Personal Injury
Practice Areas

Car Accidents Truck Accidents Motorcycle Accidents Drunk Driving Accidents Pedestrian Accidents Workers' Comp / Work Injuries Injured Truckers / Cab Drivers Slip & Falls (Premises Liability) Insurance Disputes Wrongful Death

Resources

Blog Contact Us Legal Library Workers' Compensation Guide Firm News
Association Badges
Association Badges
(303) 683-5033
The Babcock Law Firm
Denver Workers' Compensation Lawyer and Personal Injury Attorney Mack Babcock
4600 S Ulster Street, Suite 800 Denver, CO 80237 United States

Personal injury
practice areas

  • Car Accidents
  • Truck Accidents
  • Motorcycle Accidents
  • Drunk Driving Accidents
  • Pedestrian Accidents
  • Workers' Comp / Work Injuries
  • Injured Truckers / Cab Drivers
  • Slip & Falls (Premises Liability)
  • Insurance Disputes
  • Wrongful Death

Resources

  • Blog
  • Legal Library
  • Workers' Compensation Guide
  • Firm News

Free eBooks

  • Colorado Workers' Comp Guide
  • Colorado Car Accident Guide

Our firm

  • Firm Mission
  • Attorney Profiles
  • Practice Areas
  • Contact
  • Knowledge Center

    Facebook    Twitter    Blog

More
  • Home
  • About Us
  • Contact
  • Privacy Policy
  • Legal Disclaimer & Terms of Use
  • Local & Reviews
© The Babcock Law Firm. Colorado law firm for workers' compensation, car accidents & personal injury. Serving all of Colorado and the Denver metro area from our Denver law office law firm internet marketing by SEO Advantage®