The rates for workers’ compensation premiums in the state of Wisconsin will drop for contractors. The announcement was made by the State Department of Workforce Development on Tuesday of this week. The department said that the rates will drop by 8.46 percent. The decline comes after an approval by the Office of the Commissioner of Insurance in Wisconsin.
There was a decrease in premiums last year too, at 3.19 percent. The department said that the combined decreases in premiums will result in a savings of $170 million for employers in the state of Wisconsin. The rates are adjusted annually by the Wisconsin Compensation Rating Bureau and a committee of actuaries.
The Office of the Commissioner of Insurance receives a recommendation from the committee after its review. The review is based on hundreds of professions and categories of employment within the state and its employment pool.
The rates for workers’ compensation premiums in the state of Wisconsin have been stable for the past 10 years or so. The average annual net premium change has come in at a decrease of 0.37 percent.
The Department of Workforce Development Secretary for Wisconsin released the following statement regarding the decrease in premiums:
“This is just another indicator for businesses that Wisconsin is a great place to work. Wisconsin is at a near record low for unemployment while having one of the highest labor force participation rates in the country. These trends show that Wisconsin has a best-in-class workforce and it is no surprise that this commitment is manifesting itself with back-to-back rate premium rate decreases.”
The secretary credited the businesses in the state for working hand-in-hand with insurance carriers and teams of risk managers to ensure safe workplaces. The secretary also credited businesses for doing as much as they can when bringing injured workers back to the job as quickly as possible.
Workers’ compensation can be a tricky, confusing topic for many to understand. An experienced personal injury attorney can help you navigate a workers’ compensation claim in Milwaukee, Wisconsin.
Source: Biz Times, “Worker’s comp rates in Wisconsin decline again,” June 28, 2017