North Carolina businesses will pay nearly 10 percent less next year for workers' compensation insurance under an agreement between the insurance industry and state regulators.
State Insurance Department spokeswoman Kristin Milam said Wednesday the decrease will save businesses that buy their coverage on the open market about $120 million. Companies forced to buy high-risk coverage will not be affected.
The decrease sought by the North Carolina Rate Bureau takes effect in April and follows a decrease of more than 4 percent last year.
Workers' compensation pays medical care, partial lost wages and permanent disability to employees hurt on the job. North Carolina companies with at least three employees generally must buy the insurance unless they qualify to become self-insured.