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Indiana Workers Compensation January 1, 2011
The Indiana Department of Insurance has approved new advisory rates*, effective January 1, 2011.
The average premium increase is 1.7%; no interim adjustment.
The factors influencing the increase are:
| Experience & Benefits | +1.2% |
| Expenses & Trend | +0.5% |
The average adjustment by industry group is:
| Average | Range | Examples [(Code) 2010 rate/2011 rate] | |
| Manufacturing | +0.9% | +26% to –24% | Machine Shop |
| Contracting | +0.3% | +25% to –25% | Carpentry |
| Office | +1.4% | +26% to –24% | Clerical |
| Goods & Services | +3.2% | +28% to –22% | Retail |
| Miscellaneous | +2.3% | +27% to –23% | Outside Sales |
| Printing |
Other changes include:
- Minimum executive officer weekly payroll increased from $365 to $1,000 ($52,000).
- Maximum executive officer weekly payroll increased from $2,900 to $3,900 ($202,800).
- Flat annual payroll for partners, sole proprietors, or LLC members who have formally elected to be covered increased from $49,800 to $50,700.
- Expense constant remains unchanged at $250.
*Please note that each insurance company may develop its own rates or accept these rates.
Please call for advice.