The Department of Labor & Industries is proposing a decrease in average workers’ comp rates.
L&I issued a statement that the price of workers’ compensation insurance in Washington would drop for the third year in a row under a proposal.
They announced that the proposal includes a 0.8 percent decrease in the average premium employers would pay for the coverage in 2020.
In 2018 the average workers’ compensation premium rate dropped by 2.5 percent. L&I lowered the 2019 rate by another five percent, which they say was the largest decline in more than 10 years.
The proposed decrease would mean Washington employers, as a group, pay a total of $21 million less in premiums.
This price drop, according to L&I, would result in employers paying an average of about $15 less a year per employee for workers’ compensation coverage.
“Employees would see a very small increase in the amount they pay because of a rise in costs related to the supplemental pension fund, due to an increase in the average wage in Washington. The supplemental pension fund supports cost-of-living adjustments for long-term time-loss and pension benefits.”
The public will have an opportunity to provide input about the rate proposal before a final decision is made in late November.
Public hearings have been scheduled to comment on the 2020 proposed rates:
People can also comment in writing to Jo Anne Attwood, administrative regulations analyst, P.O. Box 41448, Olympia, WA 98504-4148; or email [email protected]. All comments must be received by 5 p.m. Nov. 5, 2019.
More information about the proposal is available at www.Lni.wa.gov/Rates.
Final rates will be adopted by early December and go into effect Jan. 1, 2020.