Vermont announces 7.9% comp rate cutPosted On: Feb. 6, 2017 1:39 PM CST
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.
Advisory workers comp rates for the assigned risk market also will decrease 8% in April, according to the statement issued Friday. Vermont's workers comp market "has significantly improved as of late," leading to the rate reductions, said Michael Pieciak, commissioner of the Vermont Department of Financial Regulation.
The statement said workers comp advisory rates will vary per industry, such as a 10% rate reduction for Vermont’s iconic dairy farm operations and 12.3% rate cut for ski areas.
The announced rate changes represent the state’s first rate decrease in two years and its largest rate decrease in more than eight years, according to the statement.