BOISE — A proposal for a 6.2% overall rate decrease to Idaho workers’ compensation insurance, effective Jan. 1, has been approved by the Idaho Department of Insurance.
The proposed rate change is recommended by the National Council on Compensation Insurance.
“We are pleased to announce this reduction — a move which will benefit Idaho businesses, their employees and the economy in general,” Idaho Department of Insurance director Dean Cameron said in a statement. “The decrease in the 2020 workers’ compensation rates reflects continued improvement in our state rating factors, including a slight decline in both the frequency of claims and the average cost of those claims.”
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The state’s workers’ compensation benefit system is designed to cover medical costs associated with workplace injuries. It also provides wage replacement benefits to injured workers for lost work time. The National Council on Compensation Insurance annually collects information about Idaho’s workers’ compensation system and submits proposed rates to the Idaho Department of Insurance for review and approval.
For more information, go to doi.idaho.gov.