OK, some good news likely headed your way! Many policy holders can expect some WC rate reduction again this year.
Here’s a notice just sent to Maryland brokers from Builders Mutual Insurance.
2018-01: Maryland Workers’ Compensation Rate Changes
Effective March 1, 2018 and applicable to all new and renewal Workers’ Compensation policies, Builders Mutual Insurance Company is implementing NCCI’s January 1, 2018 revised loss costs for Maryland and revising the Company developed Loss Cost Multipliers. This change represents an overall rate decrease of 9.4% to our Builders Mutual book of business and a decrease of 9.5% to our Builders Premier book of business, however changes may vary by individual class.
In addition, maximum and minimum payroll amounts are:
Included officers minimum payroll – $54,600 per year (was $49,400)
Included officers maximum payroll – $218,400 per year (was $197,600)
Sole proprietor or partner (if elected coverage) – $54,700 per year (was $48,900)