Understanding the Benefits of Decreased Workers' Compensation Rates

What This Means

Reducing workers' compensation rates means lower insurance premiums for your business. This financial relief can be redirected toward other important areas such as enhancing employee benefits, expanding your business, or improving operations.

How Are Workers' Compensation Rates Determined?

Several factors contribute to the decision to lower workers' compensation rates:

• Claims Experience: Lower frequency and severity of claims lead to reduced overall costs.
• Medical Cost Trends: Moderate medical inflation and efficient utilization of medical services contribute to cost savings.
• Indemnity Payments: Lower average indemnity payments and benefits delivery per claim reduce expenses.
• Regulatory Decisions: The Wisconsin Compensation Rating Bureau (WCRB) reviews and adjusts rates based on these factors and collaborates with insurers and employers to ensure fair and accurate rate setting.

Why Renew?

With the recent drop in rates, now is an ideal time to renew your workers' compensation coverage. Renewing offers several advantages:

• Cost Savings: Lower rates mean reduced premiums, freeing up funds that can be invested back into your business.
• Enhanced Coverage: Ensure you have the best coverage tailored to your current needs, protecting your employees and your business.
• Regulatory Compliance: Stay ahead of regulatory changes and maintain compliance with state laws.