Average Cost of Workers’ Comp in Washington Dropping in 2018
The value of staff’ compensation insurance coverage will go down for a lot of companies in Washington subsequent 12 months.
The state Department of Labor & Industries introduced that the common quantity employers and staff pay for the protection will drop by 2.5 p.c in 2018.
After proposing the lower in September, the company hosted a number of public hearings across the state to take enter.
L&I Director Joel Sacks made the ultimate resolution this week.
“We’ve made several improvements that are helping injured workers heal, return to work sooner and avoid long-term disability,” Sacks mentioned in a press release. “We’ve also used small rate increases in recent years to make the workers’ compensation system healthier and to build our contingency reserve. As a result, we’re able to cut premiums in 2018.”
The charge lower means employers can pay about $34 much less a 12 months per worker for staff’ comp protection in 2018. As a gaggle, Washington employers can pay $67 million much less in premiums.
L&I attributes the lower to a number of elements, together with the improved economic system, employers and staff specializing in security, and the company’s personal initiatives to assist injured staff get well sooner.
The 2.5 p.c staff’ compensation premium lower is a mean. Individual employers may even see smaller or bigger drops relying on that employer’s trade and claims historical past. For that very same motive, some employers will see will increase.
L&I is the state’s major staff’ comp supplier, overlaying roughly 2.eight million staff and practically 180,000 employers. The company accepts greater than 90,000 claims a 12 months.
The new charges go into impact on Jan. 1, 2018.
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