Workers' comp insurance rate drops for businesses
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The office of Labor and Workforce Development Secretary Ronald Walker II announced the rate reduction.
The assessment rate Massachusetts employers pay to the state on workers’ compensation insurance policies has dropped from 5.75 percent to 5.6 percent.
The rate drop, which went into effect in July, marks the second consecutive year of rate drops for the percent businesses pay on their total insurance premium. The rate was reduced after the Massachusetts Executive Office of Labor and Workforce Development reviewed the state’s fund balance and current rate and determined it was possible to reduce it, according to a release from the Gov. Charlie Baker Administration.
The funds go to a system that ensures workers are protected by insurance if they are injured on the job or develop a work-related illness. Under this system, all employers in Massachusetts are required by state law to carry workers’ compensation insurance covering their employees.
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