Any business owner who has questions on how these new NCCI changes will affect his or her Massachusetts workers compensation insurance costs can simply call or visit the licensed agents at Wolpert Insurance.
Worcester, MA (PRWEB) March 07, 2012
When it comes to Massachusetts workers compensation, changes from the National Council on Compensation Insurance (NCCI) can mean substantial cost increases or decreases for companies that have this type of coverage. While Massachusetts has its own independent insurance bureau, it does abide by NCCI rules for interstate rates. The team at Wolpert Insurance wants to ensure that all of its commercial lines clients are well informed of any changes that could potentially affect their workers compensation rates.
The NCCI recently announced its plan to make a change in the experience rating formula. The primary-excess split point, which helps determine the frequency and severity of a company’s claims, will be increased over a three-year transition period. The first stage of the transition will take effect with each state's approved rate and loss cost filing on or after Jan. 1, 2013. Whereas the split point is now $5,000, the NCCI says that it plans to increase it to $15,000 by 2015 in order to better correlate with claim inflation, which affects the experience rating plan.
Wolpert Insurance wants its clients to know that these changes may affect their mod, depending on whether or not they have an above or below average number of losses under the split point. Any business owner who has questions on how these new NCCI changes will affect his or her Massachusetts workers compensation insurance costs can simply call or visit the licensed agents at Wolpert Insurance who can help ensure that their clients are getting the most comprehensive coverage at an affordable rate.
About Wolpert Insurance:
Established in 1956, Wolpert Insurance has had over 50 years in the insurance business. Wolpert Insurance Agency currently represents the insurance needs for thousands of businesses and families throughout Massachusetts, and also covers local areas of Worcester and Easton. The agency is committed to developing the right relationships with the right carriers to ensure that clients receive the most competitive pricing and comprehensive coverage available.