Wisconsin’s commissioner of insurance has announced a 2.47 percent decrease in the overall worker’s compensation rate for the upcoming year, effective October 1.
“A rate decrease for worker’s compensation is always good news,” said Commissoner of Insurance Sean Dilweg. “It shows that Wisconsin has considerable market stability which makes this state a great place to do business.”
The change in the overall worker’s compensation rate is the average change in premiums paid by all classes of jobs throughout Wisconsin. Therefore, not all industries will see a rate decrease, and some will actually experience an increase in premium rates. This rate is developed by the Wisconsin Compensation Rating Bureau (WCRB) and approved by the Wisconsin Office of the Commissioner of Insurance (OCI).
“A declining worker’s compensation rate reflects a greater emphasis by employers on safety and risk management, resulting in fewer claims, lower costs for employers, and a safer, healthier workforce,” said Department of Workforce Development (DWD) Secretary Roberta Gassman.
Secretary Gassman credited labor and management with creating safer work environments. In addition, the Department of Workforce Development works proactively with employers to reduce their workplace accidents and injuries.
The Wisconsin Compensation Rating Bureau’s Web site is http://www.wcrb.org.
Source: Wisconsin Insurance Department
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