The work compensation insurance rates in Vermont declined for the third consecutive year, Count Phil Scott's office announced Monday.
This reduction is equivalent to $ 10.5 million in Vermont company pricing relief and represents a $ 40 million decline in employer-sponsored premiums annually over the past three years.
In the open competitive market in the state, where approximately 90% of Vermont employers receive work interoperability, the loss costs will decrease by an average of 5.1%. In the assigned risk market, prices will also decrease by an average of 9.2%. The governor's office said that the continued pace of relief in the assigned risk market is particularly good news for start-ups that must enter this market due to lack of experience in the field.
Vermont also reported significant reductions in logging operations, which have historically experienced high government rates. Non-mechanized logging will experience a speed reduction of more than 1
The governor's office also noted that ski areas will see a 12.3% cut, the craft bridge will see a decrease of 9.3% by 2019, and the manufacturing industry will generally experience significant reductions in premiums.
The new interest rates, approved by the Vermont Department of Financial Regulation, come into force on April 1, 2019.