Small businesses having trouble with workers’ comp transition
Tuesday, Jan. 18, 2000 | 11:34 a.m.
CARSON CITY -- Small employers have had trouble getting workers' compensation insurance since the market was open to competition, a Nevada legislative committee was told Friday.
Sen. Ann O'Connell, R-Las Vegas, said she has had many calls from small companies that they can't find industrial insurance coverage since they were cut off by the Employers Insurance Company of Nevada.
Employers Insurance Company of Nevada previously was a state agency that had a near-monopoly in writing policies for the 48,000 employers in Nevada. But private insurance companies last year were allowed to compete. And Employers Insurance became a private company on Jan. 1.
Employers Insurance decided not to renew policies for most small employers who paid a premium of less than $750. About 1,500 employers a month lost their coverage and were forced to shop around. By July, Employers Insurance had cut off 7,500 employers.
Assemblyman David Parks, D-Las Vegas, the chairman of the workers' compensation insurance committee, said Employers Insurance gave two months notice to these small employers. "But trying to find a carrier was not an easy task," he said.
Cliff King of the state Division of Insurance said there are 200 licensed insurance companies eligible to write workers' compensation policies and many of them do cover small businesses. He said customers need to secure insurance through licensed agents as required by law.
He said employers who are having trouble can get help from the Insurance Division.
For those who can't find coverage, they can be put in an assigned risk pool. But so far, King said there were only 602 companies in this category.
Employers Insurance of Nevada is now governed by a board of directors, instead of the governor.
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