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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