The Wisconsin Department of Workforce Development reported that employers in the state will pay an average of 8.47% less for workers’ compensation, effective October 1st.
“The lower numbers reflect continued improvements in worker safety by employers in Wisconsin, which has a record number of people working and an unemployment rate in May of just 2.9%,” the department said in a statement. “The 2022 rate cut, approved by the Wisconsin Insurance Commissioner, marks the seventh consecutive year that workers’ compensation insurance premiums have declined in Wisconsin.”
The lower prices are estimated to save employers approximately $146 million.
The department said data from the Workers̵7; Compensation Research Institute ranks Wisconsin among the lowest of 18 states in the amount of 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.
Insurance Commissioner Nathan Houdek also credited improved workplace safety practices for helping to lower costs.
WorkCompCentral is a sister magazine to Business Insurance. More stories here.