Mobile website

What California Employers Need to Know from Beall Financial & Insurance

Reliable insurance for you, your family and business

What California Employers Need to Know

Sep 18, 2018

What is the state of California workers comp?

In case you haven’t waded through the Workers Compensation Insurance Rating Bureau of California’s recent report, we’ll share some of the highlights that may be of particular interest to California employers.

Although California has 11% of the countrywide workforce, it generates 20% of US workers’ compensation premiums. Why? The reason is twofold: high premium rates and higher than typical wage levels.

While premiums more than doubled from 2009 to 2016, they dropped in 2017. Why? Declining insurer rates more than offsetting payroll growth. As insurer rates are continuing to drop, it is anticipated that 2018 premium will further decline.

California’s workers comp rates are among the highest in the country. Why? Largely because of high frequency of permanent disability claims, a more prolonged pattern of medical treatments, and much higher than average costs of handling claims and delivering benefits.

Claim frequency has declined by more than 80% over the last 50 years. Why? Because of shifts in economic activity from a more manufacturing-based economy to a more service-based economy, increased mechanization within industries, and greater attention to workplace safety.

California has by far the highest permanent partial disability claim frequency in the country.

For even more insights, download the complete report.

For more than 25 years, Beall Financial and Insurance Services, Inc., has been helping corporations and individuals protect their most important assets. The agency’s client base covers a spectrum of niche businesses, such as craft breweries, that require specialized insurance packages and knowledge. With California offices in Redlands and Newport Beach, Beall Financial and Insurance Services serves clients nationwide.

Home  |  About  |  Contact  |  Service  |  Privacy  |  Disclaimer  |  Search

© 2018 Beall Financial and Insurance Services, Inc.

California License # 0726206