Vermont Governor Phil Scott announced that rates for workers’ compensation premiums will drop by about 11% when new rates take effect in April.
Scott’s administration said the reductions are part of a trend in workers’ compensation rates, which have decreased by 30% since 2016.
Michael Pieciak, commissioner of the Department of Financial Regulation, told the Rutland Herald that the decrease can be attributed to the agency’s new approach to how it reviews the rate.
Pieciak also said the agency has been “more aggressive” in matching experience levels to the premium charged.
Scott’s administration highlighted three industries with traditionally high workers’ compensation rates that will experience reduction. There will be a reduction of 16% to 20% for loggers, 8% to 12% for dairy workers, and 10% to 14% for the ski industry.
Topics Trends Workers' Compensation Pricing Trends New Markets Vermont
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