SMALLER LOSSES DUE TO FEWER IN­JURIES

The Denver Post - - BUSINESS - By Aldo Svaldi

The Colorado Divi­sion of In­sur­ance ap­proved a 2.4 per­cent re­duc­tion in the “loss costs” com­po­nent of work­ers’ com­pen­sa­tion pre­mi­ums for next year, which should trans­late into lower costs for most em­ploy­ers.

The re­duc­tion rep­re­sents an av­er­age, so some em­ploy­ers could face a big­ger drop in pre­mi­ums, while oth­ers could face a hike, all de­pend­ing on the claims they and oth­ers in their in­dus­try have filed.

“Em­ploy­ers in Colorado con­tinue to do a good job of pre­vent­ing workplace in­ci­dents in the first place, which helps every­one in keeping work­ers’ com­pen­sa­tion costs down,” Mar­guerite Salazar, the state’s in­sur­ance com­mis­sioner, said in a state­ment Thurs­day.

Loss costs in­clude the med­i­cal pay­ments and lost wages pro­vided to in­jured work­ers.

They are in­flu­enced by the num­ber of claims, the sever­ity of in­juries, re­cov­ery time and health care inflation.

They have fallen for the sec­ond year in a row as the num­ber and sever­ity of workplace in­juries con­tin­ues to fall, the divi­sion said.

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