Insurance Premiums for Worker’s Compensation Continue to Decline
Insurance Rates Covering On-the-Job Injuries Drop for Ninth Year in a Row
MADISON – Wisconsin companies on average will pay 10.5% less in worker’s compensation insurance rates starting Oct. 1, 2024, saving businesses around the state roughly $206 million on policies over the coming year, the Wisconsin Department of Workforce Development (DWD) announced today with the Wisconsin Office of the Commissioner of Insurance (OCI).
The lower rates reflect Wisconsin employers’ attention to workplace safety for the benefit of workers and employers alike. The 2024 rate decrease, approved by OCI, marks the ninth year in a row worker’s compensation insurance premiums have declined in Wisconsin. The actual rates that inform premium amounts vary by employers based on factors such as injury risk exposure.
“Wisconsin is committed to a workplace that is fair, just, and above all, safe,” DWD Secretary Amy Pechacek said. “This commitment benefits workers, their families and communities while supporting the competitiveness of employers in our state.”
The worker’s compensation program covers medical expenses and lost wages for employees injured on the job. The independent, nonprofit Workers Compensation Research Institute ranks Wisconsin tied with Iowa as the lowest of 17 states studied for the time employees spend away from work after an injury, thanks to strong health care networks and return-to-work programs that support a smooth transition back to the workplace.
“The continued decreases in worker’s compensation rates reflect the workplace safety practices that support a strong workforce in our state,” said Insurance Commissioner Nathan Houdek. “Employers doing business in Wisconsin can count on our competitive insurance marketplace for affordable, high-quality coverage for their business and employees.”
Worker’s compensation insurance rates are adjusted annually by a committee of actuaries from members of the Wisconsin Compensation Rating Bureau. This independent body examines and selects the methodology and trends that produce the proposed rate adjustment, which is then reviewed and approved by the Wisconsin Commissioner of Insurance. While the overall rate level will decrease by 10.5%, the impact to policyholders will vary based on specific circumstances.
DWD’s Worker’s Compensation Division (WCD) administers the state’s worker’s compensation program through a collaboration with WCRB, OCI, Self-Insurers Council and the Worker’s Compensation Advisory Council, which is composed of representatives from management and labor and recommends worker’s compensation law changes. Most employers in Wisconsin are legally required to have worker’s compensation insurance policies.
Customers with questions about the law may contact DWD’s Worker’s Compensation Division by calling 608-266-1340 or visiting the DWD website. For questions about the rate development process, contact the WCRB at 262-796-4540 or on the WCRB website.
NOTE: This press release was submitted to Urban Milwaukee and was not written by an Urban Milwaukee writer. While it is believed to be reliable, Urban Milwaukee does not guarantee its accuracy or completeness.
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