In our continuing effort to keep you informed, we believe that clarification is needed about changes that have just been approved by the State of Massachusetts, impacting Workers Compensation Rates.
Despite what was reported in the Boston Globe headlines, Workers Comp rates ARE changing. And, for many businesses, they will be going up. (Please don’t shoot the messenger!) For others they will be going down. Rates are different based on the type of work you do.
TRUE: If you average all of the classification rates in the state together, there is no base rate change but…
TRUE: Statewide rates are changing, some up, some down and a very few will remain the same
TRUE: Overall, 34% of the rates are up; 64% of the rates are down and 2% remain unchanged. These rate changes are based upon the loss experience of each industry class
TRUE: The new rates will affect your policy when it renews on or after 4/1/2014. Your current policy rates will continue to apply until your policy renews.
FALSE: If your rates go down then your premium will go down. Not necessarily true if your policy is experienced rated.
TRUE: Your Experience Rating Modification Factors will change, based upon the new rates.
TRUE: As always, if you have any questions, please give your Account Manager a call.
The chart of all rates, going up or down, is available at:
You will need the 4-digit “Classification Code” from your Workers Compensation policy to read the chart. If you do not have this code, please call us and we will be glad to assist you.
If you have any questions, please give us a call!
– The Aronson-Shuffain Insurance Team