Through James moore
Monday September 27, 2021 | 0
The National Compensation Insurance Board’s Arizona State Advisory Forum is worth the time to check out or read.
Usually when I mention a certain state in articles and presentations someone will say, “We have no interest in this state”. Your business may not have interests in Arizona, by the way, Sedona / Flagstaff is one of the best vacations you can imagine, including the Sedona Vortices.
There are 36 chances that one of the forums covers your condition. They are updated often.
But to concentrate on a single state is to miss the point. Follow my logical train: NCCI takes the time and effort to publish national charts for comparison.
Download the tables from the NCCI Arizona State Advisory Forum here. Page 16 contains the national comparison of rate increases and decreases nationwide.
The biggest rate cut, surprisingly, comes from Virginia. I predicted this four years ago when the Dominion State established a schedule of medical fees for workers. Almost all states have one.
I don’t know why Hawaii had an 11.5% increase in fares. Are any of your states included in the chart? If so, you might want to go to the forum and see how your state or states are doing in the composition of workers.
I’ll probably be watching the Hawaii State Advisory Forum in the next few weeks to see why Hawaii has increased its rates so much more significantly than other states. Perhaps a tourism boom due to COVID-19?
Your experience modification factor comes from the risk that businesses similar to yours will operate in the same state. If you have a business in Montana, for example, this is the state you should focus on for your workers’ compensation comparisons.
One of the more positive notes from the Arizona forum is Slide 15. The state’s economy is in recovery mode. Excellent.
This blog post is provided by James Moore, AIC, MBA, ChFC, ARM, and is republished with permission from J&L Risk Management Consultants. Visit the full website at www.cutcompcosts.com.