Boise, ID – The Idaho Department of Insurance recently received a proposal from the National Council on Compensation Insurance (NCCI) for an overall rate change of -5.8% percent to workers’ compensation insurance to become effective January 1, 2018.
“We are pleased to announce this reduction which will help Idaho businesses,” said Department Director Dean Cameron. “The change in the 2018 workers compensation rates reflects improvement in Idaho’s worker compensation rating factors such as a slight decline in both the frequency of claims for lost work time and the average costs of those claims.”
The workers’ compensation benefit system is designed to cover medical costs associated with workplace injuries, as well as provide wage replacement benefits to injured workers for lost work time.
NCCI collects information about the workers’ compensation system in Idaho and submits proposed rates to the Department of Insurance for review and approval.
Source: Idaho Department of Insurance