Montana’s largest state-run workers’ compensation insurance company has announced a proposed 5% average reduction for policyholders.
The Montana State Fund said Tuesday’s rate cut announcement marks the 17th consecutive year that workers’ comp insurance rates would have either decreased or remained stable, and today’s rates are 56.4% lower than they were in 2006.
The State Fund’s board noted that the proposed reduction can be attributed to many factors, including fewer workplace accidents and a faster return to work for injured workers.
Montana historically has higher injury rates, but the state has trended in the opposite direction, according to Holly O̵
7;Dell, president and CEO of the Montana State Fund.In a statement, O’Dell said the proposed tax cut is a testament to companies’ commitment to creating a culture of safety in the workplace.
Once approved by the state’s securities and insurance commissioner, the insurance rates would go into effect for new and renewal policies beginning July 1.
Source link
