Insurance division OKs decrease for component of workers’ comp premiums

DENVER — The Colorado Division of Insurance on Monday said it has approved a reduction of 12.7 percent for the average “loss costs” component of workers’ compensation premiums for 2018.  

Loss costs are the average cost of lost wages and medical payments of workers injured while on the job.

But even with the statewide average loss costs decreasing, individual employers may see increases or decreases in their workers’ compensation premium, based on their particular classification code or industry group, the division pointed out in a prepared statement.

Factors that may increase workers’ compensation…