Businesses to see workers comp insurance rate decrease
BOSTON, Mass. (WWLP)– The State Rating Bureau (SRB) and the Workers’ Compensation Rating and Inspection Bureau (WCRIB) have reached an agreement with the state and will rollback 3.5% on workers compensation insurance.
The settlement is expected to save businesses about $80-million. The new rates will begin July1, 2022.
The state’s Division of Insurance regularly hears applications for rate adjustments. The lower rates will help businesses pay higher wages and reinvest in their businesses. This is especially important to small businesses that suffered financially during the pandemic.
Workers compensation insurance is required for all businesses as a financial protection for workers who become ill or injured during workplace activities.
The Attorney General’s Insurance and Financial Services Division represents the public interest and litigates administrative rate cases to ensure that rates are fair for Massachusetts policyholders. The AG’s Office has worked collaboratively with the State Rating Bureau to achieve the rate reduction in the present workers’ compensation insurance rate case.