A national study conducted by The Oregon Department of Consumer and Business Services shows Pennsylvania has improved its standing among states under Governor Tom Wolf’s administration in workers’ compensation insurance costs, Governor Wolf announced.
The study ranks Pennsylvania 26th highest among all states, down from 17th highest in the previous study conducted in 2014.
The Oregon Department of Consumer and Business Services conducts the study comparing workers’ comp insurance rates for 50 selected employment classes based on methods that put states’ workers’ comp rates on a comparable basis with a constant set of state-specific risk classifications.
“This is good news for businesses in Pennsylvania and those considering coming to our state,” Governor Wolf said in a press release issued by the Pennsylvania Insurance Department. “As we become more competitive in the cost of doing business, we are encouraging companies to create jobs that pay.”
Insurance Commissioner Teresa Miller said in the release that the department under Governor Wolf’s leadership is working to maintain a vibrant and competitive workers’ compensation insurance market.
“More than 325 companies offer workers’ compensation insurance coverage in Pennsylvania,” Commissioner Miller said in the release. “This means employers are able to find attractive, cost-efficient options for this vital insurance.”
In addition to lower workers’ comp insurance costs noted in the study, the Department of Labor & Industry, which oversees workers’ compensation in the state, offers discounts through certified workplace safety committees.
“Certified workplace safety committees help employers and workers keep safety top-of-mind at all times,” Labor & Industry Secretary Kathy Manderino said in the release. “And those companies with a committee receive a five percent discount on their workers’ comp insurance premiums.”
Source: Pennsylvania Insurance Department
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