Workers Comp Insurance Rates Decrease in Connecticut Following National Trend

Following the last two decades down trend for Workers Compensation insurance costs, Insurance Commissioner Katharine L. Wade announced on October 30th that the Insurance Department has approved a decrease of nearly 17 percent downturn in rates for workers compensation insurance in the State of Connecticut

 

The Commissioner said that this steady drop – nearly 50 percent over the last five years – has helped business owners with one of their critical operating costs – workers compensation insurance. She added that the rates reflect an ongoing decrease in the number of workplace injuries and claims filed and showing on average, lower medical costs per claim.”

 

To understand how Workers’ Compensation Insurance (WCI) work across the United States, it is important to clarify that it differs from other insurance business. WCI is regulated by each state. Of the 50 states, 49 require employers to provide Workers’ Compensation Insurance for their employees (Texas is the exception).

 

Workers’ Compensation costs changes vary by state, each governing body passes new laws and institute new policies. Each state has its own way of solving its insurance problems.

 

For further information about the state-by-state Workers’Compensation regulations please refer to the National Federation of Independant Business (NFIB) website.

 

 

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