Wisconsin employers are projected to pay 10.5% less in workers compensation insurance rates beginning in October, a move that is expected to save statewide businesses around $206 million in policy premiums over the coming year, the Wisconsin Department of Workforce Development announced Wednesday.
The department said the 2024 rate decrease, which was approved by the insurance commissioner, marks the ninth consecutive year in which workers comp rates have declined in the state.
“The lower rates reflect Wisconsin employers’ attention to workplace safety for the benefit of workers and employers alike,” the department said in a news release.
Workers comp insurance rates are adjusted annually by actuaries from the Wisconsin Compensation Rating Bureau.