Wisconsin Worker’s Compensation Premiums Decline

October 4, 2023

The cost of workers compensation insurance will decline again this year.

Wisconsin Worker’s Compensation Premiums Decline

For the eighth straight year, the cost of workers compensation insurance will decline, according to the Department of Workforce Development. Effective October 1, 2023, the latest reduction, 8.4 percent, will save Wisconsin employers $150 million in insurance premiums, according to the Department. The President of the Workers Compensation Rating Bureau, Bernard Rosauer noted, “The consecutive worker’s compensation rate decreases are remarkable and are partially driven by important factors in which Wisconsin excels compared to many other states. Wisconsin’s results are partially driven by superior return to work, low litigation rates, low benefit delivery expenses, and superior (injured) worker satisfaction.” The medical community also welcomed the good news, “Wisconsin’s workers compensation system continues to shine as a national success story for both businesses and workers,” said Mark Grapentine, Chief Policy and Advocacy Officer for the Wisconsin Medical Society. Eric Borgerding, President and CEO of the Wisconsin Hospital Association said, “Wisconsin’s system has remained much more fair for all involved: injured workers can get care quickly, health care providers are paid fairly, and businesses enjoy reductions in their premiums.” The Wisconsin Legislature will likely consider making several changes to the worker’s compensation program before they adjourn the 2023-24 Session.

Topics:

Uncategorized

State:

Wisconsin

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