Global Trends

Good News for Washington State Companies: Cheaper Comp Insurance in 2019

Good News for Washington State Companies: Cheaper Comp Insurance in 2019

The price of workers’ compensation insurance in Washington state will take the largest drop in more than 10 years on Jan. 1, 2019, as the state Department of Labor & Industries on Dec. 3 announced a 5 percent decrease in the average amount employers pay for the coverage.

The price of workers’ compensation insurance in Washington state will take the largest drop in more than 10 years on Jan. 1, 2019, as the state Department of Labor & Industries on Dec. 3 announced a 5 percent decrease in the average amount employers pay for the coverage. “We’re seeing fewer injuries on the job, and we’ve made improvements in helping injured workers heal and return to work. That’s good news for workers and employers, and it’s helping us significantly lower workers’ compensation costs,” said L&I Director Joel Sacks.

Under the lower 2019 rate, employers will pay an average of about $58 less per employee for a year of workers’ compensation coverage. Workers will also pay less, with their share of the cost dropping by about $6 a year. Combined, workers and employers will pay $136 million less in premiums during 2019.

L&I workers’ comp insurance covers about 2.9 million workers and nearly 180,000 employers in Washington. The department accepts more than 90,000 injured worker claims each year. In the past five years, the projected long-term costs for the workers’ compensation system have fallen more than $2 billion thanks to a variety of department efforts, including L&I programs to help injured workers heal and return to work, reduce opioid use during treatment, and provide vocational support earlier in injury claims.

The 5 percent rate decrease is an average. An individual employer’s actual rate change may be more or less, depending on that employer’s industry and claims history.

Source: OHSOnline.com

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