Today State Fund filed its first-ever tiered rating plan with the California Department of Insurance, which will become effective September 1. The new rate structure allows us to improve pricing accuracy for each risk, resulting in rates that fairly reflect the risk characteristics and experience of each business. This tiered pricing broadens our rate range so while premiums will increase for some businesses with high loss experience or higher risk profiles, many more California employers will benefit through lower premiums.
As the largest provider of workers’ comp insurance in California, State Fund is committed to maintaining its financial strength and fulfilling its mission of keeping workplaces safe and helping injured workers return to work. Through our broad-based safety programs and loss control services, State Fund works with policyholders to help them keep their workplace safe and manage their workers’ comp costs. For example, our loss control representatives, ergonomists, and industrial hygienists can conduct ergonomic evaluations, air sampling, and onsite inspections to help identify potential hazards, and provide safety materials and training to help employers remediate unsafe conditions and prevent accidents that can drive up their insurance costs.
The past several years have been very challenging for the state and its businesses. State Fund is committed to being a strong partner for California’s employers, and our new tiered rating plan will serve many more Californians.
Please read the press release for more information.
State Compensation Insurance Fund is not a branch of the State of California.