Workers’ compensation costs for many employers in West Virginia will drop later this year.
Insurance Commissioner Jane Cline’s office recently approved new loss cost rates that are an average 2.9 percent lower than the existing rates. The new rates go into effect Nov. 1.
Loss cost rates are a key factor used to determine workers’ compensation insurance premiums.
Cline’s office says the new rates apply to 408 of the 587 job classifications in West Virginia. Rates for 151 other classifications will increase, while rates for the remaining 28 classifications will be unchanged.
The new rates are expected to save employers a total of about $12 million.
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