Expect Workers Compensation Rates To Decrease In 2023

If you're an employer, you might have noticed that workers' compensation rates have been decreasing over the past few years. This is great news for businesses, as it means you can expect a lower premium for your workers' compensation insurance. However, if you haven't seen a decrease in your premium, it might be time to shop around for a new quote.

The reason for the decrease in workers' compensation rates is due to a few factors. Firstly, there have been advances in workplace safety, which has led to a decrease in workplace injuries. This means that insurance companies are paying out less in claims, and can therefore offer lower rates. Additionally, some states have enacted reforms that have helped to reduce the cost of workers' compensation insurance.

If you haven't seen a decrease in your premium, it's possible that your insurance company hasn't passed on the savings to you. In this case, it's important to shop around and get quotes from other insurance providers. By doing so, you can ensure that you're getting the best possible deal on your workers' compensation insurance.

It's also important to remember that workers' compensation rates can vary depending on your industry and the nature of your business. For example, if you operate in a high-risk industry such as construction, you can expect to pay a higher premium than a business in a low-risk industry such as a bookstore. It's important to work with an insurance provider who understands your industry and can provide you with tailored coverage.

NCCI Resource: https://www.ncci.com/Articles/Pages/Insights-2023-Marks-Critical-Milestone-WorkersComp.aspx

​Logan L. Kassner | President & Agency Owner

Future Won Insurance & Risk Solutions, LLC.

C: (920) 255-4541 | E: lkassner@futurewoninsurance.com

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