Wisconsin workers’ compensation rates will decrease by approximately 2% over the coming year, making the 11th straight year the state has seen premiums decline.
The rate decrease, which went into effect October 1, saves an estimated $36 million for policies, according to an announcement from the Department of Workforce Development and the Wisconsin Office of the Commissioner of Insurance (OCI).
Worker’s compensation insurance rates are adjusted annually by a committee of actuaries from members of the Wisconsin Compensation Rating Bureau (WCRB).
The actual premiums vary by employer based on factors such as injury risk exposure.
DWD Secretary Amy Pechacek credited employers’ attention to workplace safety for the decrease in workers’ compensation rates.
“Partnerships between employers, workers and training providers are critical to advancing a culture of workplace safety and worker well-being,” Pechacek said.
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