New Jersey Sets 7% Rate Cut

New Jersey has approved a 6.9% statewide average decrease in rates for workers’ compensation and employers’ liability insurance, according to the New Jersey Compensation Rating and Inspection Bureau.
The average rate decrease will vary by classification, including a 5.8% decline for manufacturing, 5.9% cut for contracting, a 7.5% reduction for goods and services, and a 9.6% cut for office/clerical.
The new rates apply to new and renewal policies effective Jan. 1, 2025.
As of that date, the maximum weekly benefit for all types of injuries, except permanent partial disabilities, will be increased to $1,159 from $1,131. The minimum weekly benefit will be increased to $309 from $302.
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Covenant Logistics Group attributed a 3.2% rise in its third-quarter adjusted operating costs per mile to a significant workers’ compensation claim, along with rising driver wages.
The Chattanooga, Tennessee-based carrier previously cited WC costs as contributing to an increase in its Q3 2022 truckload operating costs.
The firm said in November 2023 that it agreed to pay $700,000 to settle allegations by the U.S. Department of Justice that it routinely discriminated against noncitizen workers when checking their permission to work in the U.S.
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Insurity is expanding its collaboration with customer interaction platform Glia on an integration to its workers’ comp suite.
Hartford, Connecticut-based Insurity provides cloud-based software for insurance carriers, brokers, and MGAs.
“As Insurity helps workers’ comp carriers modernize their technology stack, the need to meet agents and customers where they are on screen and deliver a personalized, guided experience is growing,” said Ryan Clissa, Director of Insurance at Glia.
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