Businesses tied to one of Vermont’s largest industries are set to receive a 15% workers compensation premium credit thanks to safety initiatives in the state’s logging industry, Vermont Gov. Phil Scott and representatives from the Department of Financial Regulation, Department of Forests, Parks and Recreation, and the state Department of Labor announced Thursday in a joint statement.
Dubbed the Vermont Logger Safety and Workers’ Compensation Insurance Program, the initiative is “critical to growing our economy and making Vermont a more affordable place to do business,” Gov. Scott said in the statement.
The program was launched in early 2019 with support and funding from the legislature to modernize safety training for logging contractors and their employees to reduce injuries and insurance claims, helping them qualify for reduced insurance rates, according to the statement.
Eligibility for the newly announced premium credit is determined by a process involving extra training and onsite verification to ensure implementation of the safety practices, according to the statement.
Vermont employers will save a total of $10 million under lower workers compensation insurance rates this spring, according to Gov. Phil Scott’s office.