Worker’s compensation insurance premiums will decline by 3.2% on average starting Oct. 1, the state Department of Workforce Development and Office of the Commissioner of Insurance announced Tuesday.
The two agencies attributed the decline to attention placed on workplace safety by employers. It marks the 10th straight year of premium declines.
“Workers deserve to feel safe and protected in the workplace, and strong workplace safety practices across Wisconsin help make that possible,” said Amy Pechacek, secretary of DWD. “Our state is committed to fostering a culture of fairness and safety in the workplace – a commitment which benefits workers, their families, and communities while supporting the competitiveness of employers in our state.”
A committee of actuaries at the Wisconsin Compensation Rating Bureau sets worker’s compensation rates annually with the Office of the Commissioner of Insurance signing off on the changes.
The actual premiums paid by employers are determined by specific risk factors. While the overall average premium will decline by 3.2%, each industry will see slightly different changes. Manufacturing will decline 3.39%, contracting will drop 6.88%, goods and services will decline 1.55% and the miscellaneous category will drop 5.04%. The office and clerical sector is the only one with an increase, climbing 1.35%, according to documents from the WCRB.
