The Pennsylvania Insurance Department (PID) recently approved a 5.7 percent overall decrease in workers’ compensation costs. The rate cuts will result in $160 million in savings for Pennsylvania employers, the department estimates.
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Get Your Report Now!“At a time when many are feeling a financial pinch and doing more with less, it is a very hopeful sign that the business community may now be able to pay less in workers’ compensation insurance premiums,” said Insurance Commissioner Mike Consedine. “Our workers’ compensation insurance system is sharply competitive, yet this marks the first time in 3 years that the Pennsylvania Compensation Rating Bureau has filed for a rate decrease.”
Rate changes for individual employers will vary based on type of business and claim history. Some employers will see deeper rate reductions, while rates for others will increase.
Businesses enrolled in the Certified Workplace Safety Committee program of Pennsylvania’s Department of Labor and Industry (DOLI) receive an additional 5 percent discount.