Comp rates are high in SC
Workers' compensation premium rates in South Carolina are among the highest in the southeast, according to the widely reported 2014 Oregon Workers' Compensation Premium Rate Ranking Summary. At the same time, South Carolina seems to have stabilized its position against other states in the nation, after rapid deterioration between 2002 and 2006.
As of January 2014, Louisiana and South Carolina have the highest premium rates in the southeast at $2.23 and $2.00 per $100 of payroll. Rates in North Carolina and other states in the region are between $1.50 - $1.99.
In 2002, only nine jurisdictions in the country had lower premium rates than South Carolina; by 2006, it was a different picture as 26 jurisdictions had lower rates. In 2014, 34 jurisdictions in the country had lower premium rates than South Carolina.
Oregon's Department of Consumer and Business Services conducts the study every two years. The department says its study is based on measures that put states' workers' compensation rates on a comparable basis, using a constant set of risk classifications for each state. The study used classification codes from the National Council on Compensation Insurance.
The 2014 median value is $1.85, which is a drop of 2 percent from the $1.88 median of the 2012 study. National premium rate indices range from a low of $0.88 in North Dakota to a high of $3.48 in California. Other states with the highest rates are, respectively, Connecticut, New Jersey, New York, and Alaska. At the other end, Indiana, Arkansas, Virginia, and Massachusetts boast the lowest rates in the country.
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