Michigan businesses will see their pure premium rates for workers’ compensation insurance drop in 2008 by more than 4 percent.
Private insurance carriers use the pure premium rate to compare their rate structure for workers’ compensation coverage for the coming year. Next year’s drop is part of a downward trend over the past decade. During that time the average rate has dropped nearly 36 percent.
Keith Cooley, the director of the Michigan Department of Labor and Economic Growth, says the drop is a positive sign for the state’s business climate.
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