Cost of workers’ comp insurance dropping for many in Washington next year
The price of workers’-compensation insurance will go down for many businesses in Washington next year. The state Department of Labor & Industries (L&I) recently confirmed its earlier proposal that would drop the average amount employers and workers pay for the coverage will drop by 2.5 % in 2018.
Rates for construction classifications vary widely. For example, the Wood Frame Building Construction and Alterations classification will see a 7% increase, while Plumbing will see a 10% decrease. Click here to see 2018 rates for all classifications. The new rates go into effect on Jan. 1, 2018.
After proposing the decrease in September, the agency hosted several public hearings around the state to take input. L&I Director Joel Sacks made the final decision last week.
“We’ve made several improvements that are helping injured workers heal, return to work sooner and avoid long-term disability,” said Sacks. “We’ve also used small rate increases in recent years to make the workers’ compensation system healthier and to build our contingency reserve. As a result, we’re able to cut premiums in 2018.”