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!