In good news for Wisconsin employers, insurance rates for worker's compensation are going down yet again. Continuing with a trend for the past four years, the Wisconsin Workers Compensation Ratings Bureau (WCRB) indicated that rates for work comp insurance are going down by 8.84%. The above chart--created by the Wisconsin Medical Society--shows the stark decline in detail.
That is four straight years of declining rates--with this year being the biggest rate decrease this decade. This also means that employers, on average, are paying 25% less in work comp premiums in the past four years!
The declining insurance rates is a testament to the continuing success of the worker's compensation system in Wisconsin. With the Worker's Compensation Advisory Council meeting to consider a proposed agreed-upon bill, the declining rates indicate why no major changes to the laws of the Work Comp Act are needed at this time. We can always seek modest, incremental improvements--but major and aggressive provisions should not be entertained.
And, next time any employer complains about what they pay for work comp premiums...just show them this chart and their ever-declining rates!