BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.
To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.
To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.
Citing wage inflation and increasing medical costs, the Washington State Department of Labor and Industries on Tuesday announced it is proposing a 4.8% increase in the average price of workers compensation insurance for 2023.
If adopted, the increase would mean employers and workers would jointly pay an additional $61 a year, on average, for each full-time employee within a business. Workers will continue to pay on average about a quarter of the premium, a similar percentage to that paid in 2022.
In 2021 and 2022, L&I said it tapped its contingency reserves to avoid a larger increase in premium rates. L&I said it wants to take a similar approach to prevent a larger rate increase for 2023. Under the current proposal, L&I will use contingency reserves to cover any gap between premiums and costs to keep rates steady and avoid a larger increase.
“After keeping rates steady to help businesses that were struggling during the pandemic, we're now proposing a modest rate increase that’s in line with our goal of stable and predictable rates for businesses to ensure the long-term health of the workers compensation fund,” L&I Director Joel Sacks said in a statement. “Even with the increase, the average hourly rate businesses will pay will be about the same as what they were paying in 2016.”
Following a series of public hearings in October, final rates will be adopted on Nov. 30 and go into effect Jan. 1, 2023.