In yet another sign of the stability of Wisconsin’s worker’s compensation system, premiums for work comp insurance decreased by 8.46% for the state’s employers. The work comp administering agency just released a press release detailing that beneficial decrease.
This is the second year in a row that work comp premiums have gone down-and there is a net decrease for the rates in the past decade.
Much of this success, as the press release indicates, arises from the efforts of the Worker’s Compensation Advisory Council. As we’ve discussed before, this group of labor and management members steadies the system, producing reasoned and vetted changes to the Work Comp Act. The press release indicates “the Council recommends changes to law to ensure it keeps up with today’s industries and trends.” This Council process aims to protect the law (and the insurance rates) from partisan swings.
Other states, in stark contrast, may experience wild swings in the substance of their work comp laws-depending on political changes. Such changes introduce uncertainty and risk-and corresponding insurance rate increases. Wisconsin, however, remains largely protected from these changes because of the Council’s efforts.
Stable-and decreasing insurance premiums-make Wisconsin a great place for work comp insurance companies and for employers (both big and small). With decreasing rates for employers, the current climate suggests no need for drastic changes to a Work Comp Act that works for Wisconsin.