Wisconsin comp rates to drop 8.47% in October
The Wisconsin Department of Workforce Development reported employers in the state will pay an average of 8.47% less for workers compensation coverage, starting Oct. 1.
“The lower rates reflect continued worker safety improvements by employers in Wisconsin, which has a record number of people working and a May unemployment rate of just 2.9%,” the department said in a statement. “The 2022 rate decrease, approved by the Wisconsin commissioner of insurance, marks the seventh year in a row workers compensation insurance premiums have declined in Wisconsin.”
The lower rates are projected to save employers about $146 million.
The department said data from the Workers’ Compensation Research Institute ranks Wisconsin among the lowest of 18 states in 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.
Insurance commissioner Nathan Houdek also credited improved workplace safety practices for helping reduce comp rates.
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