Wash. businesses will see biggest comp insurance price drop in decade
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Businesses in Washington will see a 5% decrease in the average cost for workers compensation insurance starting Jan. 1, making for the largest drop in more than a decade, the Washington Department of Labor & Industries announced Monday.
Under the lower 2019 rate, employers will pay an average of about $58 less per employee for a year of workers compensation coverage and workers will also pay less, with their share of the cost dropping by about $6 a year, according to a statement.
As a result of the reduction, as a group, workers and employers will pay $136 million less in premiums in 2019, according to the statement.
“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,” L&I Director Joel Sacks said in the statement.
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