Pa. Gov. Edward G. Rendell announced a 10.22 percent average decrease in workers compensation insurance costs, a move that he said will result in $250 million in savings for employers in the state.
The move follows December filings by the Pennsylvania Compensation Rating Bureau, which set the average cost decrease at 10.22 percent overall.
This would mark the fourth decrease in workers compensation rates in five years for the Keystone State.
“Right now, Pennsylvania employers are benefiting from the excellent job they are doing to provide safe workplaces for their employees,” Rendell said. “We are committed to our ongoing efforts to stimulate the economy, while driving down the cost of doing business in Pennsylvania.”
The governor credited the decrease to a labor department initiative that works with employers to increase workplace safety practices. About 7,500 employers, with a combined 1million workers, are enrolled in the program. Those companies receive an additional 5 percent discount on their workers compensation premiums.
Source: Pennsylvania Governor’s Office
Was this article valuable?
Here are more articles you may enjoy.
Zurich Insurance and Beazley Agree to $10.9B Cash Acquisition 
Kyle Busch and Wife Settle Lawsuit With Pacific Life and Insurance Agent 
Marsh, Aon in Talks With US on Insuring Tankers in Hormuz 
Greek Oil Tanker Exits Hormuz Shipping Strait With Signal Off 
