Wisconsin worker’s compensation premiums drop
Wisconsin employers are expected to save $173 million through a drop in their worker’s compensation insurance premiums, reflecting a decline in workplace injuries.
Worker’s compensation will cost businesses 8.84% less in new rates taking effect on Oct. 1 — the fourth consecutive year for premium decreases in the state.
“The frequency of workplace injuries has been trending downward, which is a major driver of the rate reductions. This is definitely good news for Wisconsin businesses and workers,” Wisconsin Commissioner of Insurance Mark Afable said Monday in a news release.
While the overall rate is dropping 8.84%, the impact on individual businesses will vary based on the type of work performed at those workplaces.
The previous rate cuts were 6.03% last year, 8.46% in 2017 and 3.19% in 2016.
From staff reports