Washington Workers Compensation Rates in 2020 will be decreasing modestly by a rate of 0.8%
On November 25th, the Washington Department of Labor & Industries (L&I) announced the business community will experience a moderate decline of 0.8% in 2020. This is the third consecutive year Washington Workers Compensation Insurance Rates have fallen. This rate cut is in addition to cuts of 5% in 2019 and 2.5% in 2018. These declines, while modest, represented a positive trend for the business community throughout the state of Washington. As of 2018, Washington was the 16th most expensive state in the country for businesses to purchase workers comp coverage. Any movement towards a more affordable workers compensation system is good news.
Washington Workers Compensation Rates in 2020 will pay an average of $15 less per employee for a year of workers’ comp premium. With this reduction, employers will pay $21 million less in premiums next year. These continuing declines are a result of long-term declines in costs for the overall workers compensation system. Over the past six years, costs have fallen $2.9 billion throughoutthe Washington Workers Compensation System.
According to L&I Director Joel Sacks, “Our workers’ compensation system is in good shape. Every year we help tens of thousands of people recover from on-the-job injuries and go back to work. Our programs to help injured workers are making a real difference, and workplace injury rates in Washington are declining. That’s great for workers and their families and is helping us keep costs down.”