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Workers compensation insurance rates in Vermont decreased for the third year in a row, Gov. Phil Scott’s office announced Monday.
This reduction represents $10.5 million in pricing relief for Vermont businesses and represents a $40 million drop in comp premiums paid by employers annually over the past three years.
In the open competitive market in the state, where approximately 90% of Vermont employers receive workers comp coverage, loss costs will decrease by an average of 5.1%. In the assigned risk market, rates will also decrease but by an average of 9.2%. The governor’s office said that the continued rate relief in the assigned risk market is particularly good news for startup businesses that must enter this market due to lack of experience in the field.
Vermont also reported significant reductions for logging operations, which have historically experienced high rates in the state. Non-mechanized logging will experience a rate decrease of more than 18%, while mechanized logging operations will see a reduction of 5%. Companies in the logging field could see further reductions via a 15% premium credit by completing an onsite job safety program as part of Gov. Scott’s new Workers Compensation Task Force.
The governor’s office also noted that ski areas will see a rate reduction of 12.3%, craft brewing will see a reduction of 9.3% in 2019 and manufacturing industries in general will experience significant decreases in comp premiums.
The new rates, which were approved by the Vermont Department of Financial Regulation, will take effect April 1, 2019.
Vermont advisory workers compensation rates are set to decrease 7.9% for the voluntary market, effective April 1, according to a statement on Friday from Vermont Gov. Phil Scott.