Upcoming lower worker’s compensation rates to save Wisconsin employers $148M
Wisconsin companies will pay 8.4% less in worker’s compensation insurance rates starting Oct. 1, benefiting businesses around the state, according to the Wisconsin Department of Workforce Development.
The latest reduction in premiums is expected to save Wisconsin employers some $148 million on policies starting on or after Oct. 1.
The lower rates reflect Wisconsin employers’ attention to workplace safety for the benefit of workers and employers alike. It’s also a way for Wisconsin companies to stand out as they seek to attract and retain staff during a time of near-record low unemployment.
The 2023 rate decrease, approved by the Wisconsin Office of the Commissioner of Insurance, marks the eighth year in a row worker’s compensation insurance premiums have declined in Wisconsin. The actual rates that inform premium amounts vary by employers based on factors such as injury risk exposure.
The independent, nonprofit Workers Compensation Research Institute ranks Wisconsin tied with Iowa as the lowest of 18 states studied for the time employees spend away from work after an injury, thanks to strong health care networks and return-to-work programs that support a smooth transition back to the workplace.
Worker’s compensation insurance rates are adjusted annually by a committee of actuaries from members of the Wisconsin Compensation Rating Bureau. This independent body examines and selects the methodology and trends that produce the proposed rate adjustment, which is then reviewed and approved by the Wisconsin Commissioner of Insurance. While the overall rate level will decrease by 8.4%, the impact to policyholders will vary based on specific circumstances.