Cost of workers comp insurance going down

By Cy Ryan

Tuesday, March 1, 2016 | 4:47 p.m.

CARSON CITY — Starting today, Nevada companies will pay less for insurance to cover workers injured on the job.

Acting Insurance Commissioner Amy L. Parks said she approved a 5.5 percent rate decrease for companies who purchase insurance on the voluntary open market. There will be an average 4.2 percent rate decrease for those who purchase insurance coverage through the assigned risk category.

The reduced costs are due to a reduction in claims. Claims also are not expected to grow as fast as predicted.

Companies with large losses in the past can be covered through the assigned risk market if they have trouble getting coverage in the voluntary market.