“Wisconsin companies will pay 8.47 percent less in worker's compensation insurance rates starting October 1, 2022, giving a boost to businesses around the state,” the Wisconsin Department of Workforce Development (DWD) and the Office of the Commissioner of Insurance (OCI) announced in a joint press release
this week. This is the seventh consecutive year of decreased Worker’s Compensation rates. This latest reduction in premiums is expected to save Wisconsin employers around $146 million next year.
DWD attributed the premium reduction in part to the good work of Wisconsin’s health care providers working to get injured employees back on the job quickly. DWD noted, “Data from the independent, nonprofit Workers Compensation Research Institute ranks
Wisconsin among the lowest of 18 states in 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.”
“For the past six years some that otherwise support free market principles have been calling for government price setting for health care in the Worker’s Compensation program, apparently to address increasing Worker’s Comp premiums. But it’s notable that since 2016, Worker’s Comp premiums have actually dropped each year, saving employers an estimated $780 million in premiums over that time,” noted WHA President and CEO Eric Borgerding. “During the same time, Wisconsin hospitals have continued to provide some of the absolute best care in the country to those injured on the job, getting folks back to work and productivity faster than almost anywhere else. A healthy, productive workforce is more crucial than ever.”
Commissioner of Insurance Nathan Houdek approved the 8.47% decrease last week based on recommendations made by the Wisconsin Compensation Ratings Bureau in May. (See May 26, 2022 Valued Voice