Humboldt County Sees Workers’ Compensation Premium Savings Thanks to Safety Initiatives
Dakota City, Iowa – In a recent meeting on June 30, the Humboldt County Board of Supervisors received welcome news regarding their annual insurance update. Scott Curran of the abens-Marty-curran Agency presented data showing a significant decrease in workers’ compensation premiums, a testament to the county’s proactive safety measures.
Decline in Premiums
The total insurance premium for Humboldt county has decreased from $279,521 in 2024-25 to $275,857 for 2025-26. Curran highlighted that the workers’ compensation premium saw a reduction of over $15,000. this decline is attributed to the diligent efforts following the implementation of a safety committee.
“This is a great testament to all of you,” Curran stated,emphasizing the impact of regular safety meetings. data shows that, over the past five years, workers’ compensation premiums have plummeted from $96,000 to just over $32,000. This ample saving is helping to offset increasing costs in other insurance areas.
Impact of Safety Measures on Workers’ Compensation
The establishment of a safety committee has been instrumental in driving down the county’s workers’ compensation costs. Regular meetings and a focus on preventative measures have resulted in a safer work surroundings and fewer claims.
Pro Tip: Implementing a robust safety program is one of the most effective ways to reduce workers’ compensation costs. Consistent training, hazard assessments, and employee involvement are key components.
Offsetting Increased Costs Elsewhere
While workers’ compensation costs decreased, Humboldt County has seen increases in other insurance areas. The addition of a multi-departmental building in Dakota City has increased the amount of property covered by insurance, bringing the total replacement cost for county property to $24,127,918.
Business auto coverage also increased due to the purchase of new vehicles for the Sheriff’s Department and secondary Roads. However, coverages for crime, commercial general liability, and commercial liability remained constant.
Cybersecurity Concerns Addressed
curran also discussed cyberliability with IT Director Chris Madsen. Previously capped at $250,000,cyberliability coverage now has a $1,000,000 policy available. Madsen emphasized that a cyber breach could easily exceed $250,000 in repair and containment fees,making the higher coverage a prudent investment.
for an additional $2,672, the county can increase its cyberliability coverage to $1,000,000, bringing the total premium back to just under last year’s amount. Supervisor Bob Rasmussen inquired about policies between $250,000 and $1,000,000, and Curran agreed to provide further information before the renewal is approved.
Did You Know? According to Forbes, workers’ compensation insurance costs an average of $45 per month or $542 per year. However, this can vary widely based on industry, state, payroll, and claims history. Learn more about workers’ comp costs.
Low Claims History
Over the past year, Humboldt County had only two workers’ compensation claims, totaling less than $1,000 combined. This low claims history further contributed to the decrease in premiums.
Insurance Premium Trends: A Summary
| Coverage Area | 2024-25 Premium | 2025-26 Premium | change |
|---|---|---|---|
| Total Premium | $279,521 | $275,857 | -$3,664 |
| workers’ Compensation | N/A | Reduced by $15,000 | -$15,000+ |
| Cyberliability (Potential) | $250,000 Coverage | $1,000,000 Coverage (+$2,672) | +$2,672 |
Understanding Workers’ compensation Insurance
Workers’ compensation insurance provides benefits to employees who suffer job-related injuries or illnesses. It covers medical expenses, lost wages, and rehabilitation costs. Employers are generally required to carry workers’ compensation insurance, and the specifics vary by state.
Several factors influence the cost of workers’ compensation insurance, including the type of work performed, the number of employees, and the company’s safety record. Businesses in high-risk industries, such as construction or manufacturing, typically pay higher premiums.
Implementing safety programs, providing employee training, and maintaining a safe work environment can help reduce the risk of accidents and lower workers’ compensation costs. Regular safety audits and proactive hazard management are also crucial.
Frequently Asked Questions About Workers’ Compensation
- How can businesses lower their workers’ compensation costs?
- Businesses can lower their workers’ compensation costs by implementing safety programs,providing employee training,conducting regular safety audits,and proactively managing workplace hazards. A strong focus on prevention is key.
- What does workers’ compensation insurance cover?
- Workers’ compensation insurance typically covers medical expenses, lost wages, and rehabilitation costs for employees who suffer job-related injuries or illnesses. It may also provide death benefits to dependents in the event of a fatal injury.
- Are all businesses required to carry workers’ compensation insurance?
- The requirement to carry workers’ compensation insurance varies by state. Most states require businesses with a certain number of employees to have coverage, but there are exemptions for certain types of businesses or industries.
- How is the cost of workers’ compensation insurance determined?
- The cost of workers’ compensation insurance is determined by factors such as the type of work performed, the number of employees, the company’s payroll, and the company’s claims history. safer businesses generally pay lower premiums.
- What is the role of a safety committee in reducing workers’ compensation claims?
- A safety committee plays a crucial role in reducing workers’ compensation claims by identifying and addressing workplace hazards, promoting safety awareness, and developing and implementing safety programs.Their proactive approach can significantly reduce accidents.
- What are the benefits of investing in cyberliability insurance?
- Investing in cyberliability insurance protects businesses from the financial consequences of data breaches and cyber attacks.It can cover costs associated with data recovery,legal fees,notification expenses,and regulatory fines.
What safety measures does your workplace have in place? Are there any insurance concerns you’re currently addressing? Share your thoughts and experiences in the comments below!
