Last week State Fund filed for a 3.2% reduction in their workers compensation rates for July 2010. They also have filed to eliminate their loss free credit for policies between $25000 and $59999 but extended their merit credit to these policies which should make them more competitive on those accounts.
State Fund is in a unique position for insurance carriers. Their combined loss ratio [claims and expenses] was 161.5% yet because of their huge surpluses they made $143 million for 2009 up from about $75 million in 2008. I assure you other insurance carriers could not do this and eventually workers compensation rates are going to go up significantly.
I am pleased to announce that our affiliate member the Northern California Independent Booksellers Associations is being presented an award from The Bay Guardian as the Chain Alternative. Congratulations Hut Landon the Executive Director of the Association and Mike Tucker owner of Books Inc.
I’m sure you are all following the debate in Washington over financial regulations and trying to prevent future melt downs of our financial institutions. Yesterday they dropped the $50 billion bailout money and it appears Senator Dodd’s bill is getting closer to passage. As a small business person what do you think about this? Should the size of the huge financial institutions like Goldman Sachs be reduced? NSBA has consistently opposed the repeal of Glass Steagal.
What do you think about this?
Scott Hauge
President
Small Business California
2311 Taraval Street
San Francisco, CA 94116
shauge@cal-insure.com
415-680-2188
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Hi Scott,
I just found your blog today -- highly relevant since I work in CA remotely for the Chicago-based office of Winning Workplaces, which does, among other things, an annual small business award. We also do consulting in small firms.
While our group refrains from getting formally involved politically, a recent survey we did of our registered website users and others in our network found a deep distrust of the Wall Street bailout...as well as current government efforts to break up firms like GS. I guess it's not surprising, though -- some of these business leaders have felt ignored by Washington for so long that they are acting with a "we're on our own" attitude are are not expecting any help from the government anytime soon.
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