For the third straight year, the cost of Worker’s Compensation insurance has decreased in Washington State. On November 25th, 2019, the Department of Labor & Industries (L&I), announced a 0.8% decrease in the average amount employers will pay for insurance coverage in 2020. In 2019, the rates were cut by 5% and in 2018, by 2.5%. The 2020 0.8% rate decrease is an average. Each employer’s actual rate may increase or decrease more depending on the individual employer’s industry and claims history.
In 2020, employers will pay an average of about $15 less per employee over the course of the year for worker’s compensation insurance coverage. Collectively across the State, this is about $21 million less in premiums for employers.
However, if workers pay a portion of their worker’s compensation coverage, they may see a very slight increase in the portion they pay as the average wage for the worker’s contribution has increased. In Washington State, employers can either pay the entirety of the Worker’s compensation premiums or have the employees contribute a State-set amount. Many employers pay the entirety of the insurance premiums for employees as an incentive to attract and retain quality employees. Employers that are interested in learning what the maximum an employee can contribute towards worker’s compensation insurance premiums can look at the rates up online at L&I, or contact Archbright.
In the past six years, the projected long-term costs for the workers’ compensation system have fallen more than $2.9 billion, thanks to a variety of efforts. More employers are investing time and resources to keep their employees safe and at work. With fewer injuries, time loss, or equipment failure, profits are increased. L&I has also created new programs to help injured workers heal and return to work, providing vocational support earlier in injury claims. Archbright continues to look at new ways to assist employers in their safety efforts and to help employees go home to their families at the end of the day. Archbright’s Safety Consultation services are a great option for employers’ who are looking to take their safety program to the next level.
For more information on Washington State worker’s compensation rates or for information on Archbright’s Safety Consultation services, please reach out to us.
Source: Tiffany Knudsen, Content Manager
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