Boise, ID – The Idaho Department of Insurance has announced that Idaho’s overall workers’ compensation premium rates will be reduced by an average of 0.2 percent for 2015.
“This slight rate decrease is an indicator of the stability of workers’ compensation coverage in Idaho,” says Department Director Bill Deal.
The new rates were recommended by the National Council on Compensation Insurance, a rating and advisory organization that collects annual data on workers’ compensation claims for the insurance industry. The new rates will become effective January 1, 2015.
Rates differ for each worker classification, so while the overall impact is a decrease, some classifications may increase. Rates are affected by such factors as frequency of claims and medical costs.
“This decrease exemplifies the quality workforce we have in Idaho,” says Governor C.L. “Butch” Otter. “We are blessed with employers who understand the benefits of safety to their employees and the bottom line and with workers who take pride in their work and what they produce.”
Source: ID DOI