On average, Oregon Workers Compensation Rates 2020 will be less than the previous year by an amount of 8.4 percent. This is in addition to a 9.7 percent for Oregon Workers Compensation Rates in 2019. These declines contribute to an overall 7 consecutive year decline totaling 45 percent from 2013 to 2020. Employers, on average, will pay $1.02 per $100 of payroll for workers’ compensation insurance, down from $1.11 in 2019.
According to Cameron Smith, Director of The Department of Consumer and Business Services (DCBS), Oregon’s largest business regulatory and consumer protection agency, “The steady decline in workers’ compensation costs is about more than just the numbers. It demonstrates the hard work of employers, workers, insurers, and government to maintain essential worker protection programs and robust benefits for injured workers while keeping business costs low.” The average decrease in the pure premium reflects a long-term trend of lower medical care costs and less severe claims.
According to The 2018 Oregon Workers’ Compensation Premium Rate Ranking Summary Oregon was ranked 46 out of 50 states when it comes to pure premium ranking. Even though businesses enjoy fairly inexpensive workers comp rates, it is important for business to maximize savings in every way possible. Here are 5 ways to expand upon the savings when purchasing workers compensation insurance.
- Partner with an Independent Insurance Agent
- Shop Around your Policy
- Consider Pay as You Go
- Bundle All Policies
- Implement Safety Programs