Businesses in Indiana can expect to pay less for workers’ compensation insurance coverage next year, continuing a trend that has been ongoing for several years.
Insurance Commissioner Stephen W. Robertson has approved an average 7.6 percent reduction for workers’ comp rates, effective Jan. 1, 2019, the Indiana Department of Insurance announced. The approved rate decrease will result in savings of approximately $62.7 million dollars for Indiana businesses.
The Indiana DOI reports that workers’ comp rates in the state have been on a downward trend for several years, largely due to a decrease in frequency of worker injuries. The agency said the robust job market also plays a key role as payrolls increase and the economy grows, creating a larger base for collecting premiums.
The DOI noted that workers’ compensation rates in Indiana consistently rank as some of the lowest in the United States, according to the Oregon Workers’ Compensation Premium Rate Ranking report. The Information Technology and Research Section in the Oregon Department of Consumer and Business Services has examined state rates on a biennial basis since 1986.
Source: Indiana Department of Insurance
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