For the 11th straight year, the workers compensation premiums paid by Wisconsin employers will decline, according to the Wisconsin Department of Workforce Development and Wisconsin Office of the Commissioner of Insurance.
Starting Thursday, Wisconsin employers on average will pay 1.97% less in worker’s compensation insurance rates, the agencies said.
The reduction will save an estimated $36 million for policies over the coming year.
The agencies attributed the lower rates to employers’ attention to workplace safety.
Actual premiums vary by employer based on factors such as injury risk exposure but overall, safer workplaces give Wisconsin employers a competitive advantage, according to DWD Secretary Amy Pechacek.
Pechacek credited public-private partnerships for improved safety.
“Partnerships between employers, workers and training providers are critical to advancing a culture of workplace safety and worker well-being,” Pechacek said in a press release.
