New Hampshire workers’ comp rates decline for eighth consecutive year

For the eighth year in a row, workers’ compensation insurance rates will be falling for employers, the New Hampshire Insurance Department has announced.

New Hampshire Insurance Commissioner John Elias

The department has it approved a rate proposal filed by the National Council on Compensation Insurance that reduces voluntary loss costs by 9.6%.

The loss cost is the portion of an employer’s insurance premium that pays claims costs for work-related injuries. All insurers writing voluntary workers compensation in New Hampshire are required to use the new loss costs, along with a loading to cover company expenses.

The new rates will apply to policies effective starting on Jan. 1, 2020.

According to Insurance Commissioner John Elias, “a decrease in workers’ compensation rates means a decrease in costs to New Hampshire businesses. These considerable savings to employers could be used to hire employees, offer higher wages or expand operations in New Hampshire.”