For Fourth Straight Year Vermont Workers Comp Rates Drop

March 2, 2010 By // by Robert Elliott, J.D. Leave a Comment

Rates for workers’ compensation insurance decreased for the fourth straight year according to Governor Jim Douglas of Vermont. New rates, effective April 1, 2010, were approved the Department of Banking, Insurance, Securities and Health Care Administration (BISHCA).
“I am pleased to announce another year of decreased workers’ compensation rates. This is excellent news, especially for the many Vermont small businesses that will benefit from this decrease,” said Gov. Douglas. “Four consecutive years of decreased rates would not be possible without employers’ continued attention to the issue of workplace safety, and the work of state regulators who successfully maintain a positive business environment for insurers.”

In the voluntary market – the competitive market offering the most favorable rates – loss costs will decrease by an average of 4.1%. Loss costs are the primary component of workers’ comp rates. Nearly 94% of Vermont employers receive voluntary market coverage.

In the assigned risk market – the market for employers unable to obtain coverage in the voluntary market – rates will also decrease by an average of 2.9%.

BISHCA Commissioner Paulette Thabault echoed the Governor’s comments. “The health of Vermont's workers' compensation market has clearly improved over the past several years, as reflected in these lower rates and the declining number of employers in the assigned risk market," said Thabault. “It is also important to recognize that businesses across Vermont have worked hard to create a culture of safety at their workplaces, and the reduced costs that many employers will experience with this rate decrease are a direct result of their efforts,” Thabault commented.(workersxzcompxzkit)
Rate changes vary by industry and classification. Of particular note among 2010 rates are significant reductions for two iconic Vermont industries: dairy farms (-18.9%) and ski areas (-12.9%).

Author Robert Elliott, executive vice president, Amaxx Risks Solutions, Inc. has worked successfully for 20 years with many industries to reduce Workers' Compensation costs, including airlines, health care, manufacturing, printing/publishing, pharmaceuticals, retail, hospitality and manufacturing. He can be contacted at: Robert_Elliott@ReduceYourWorkersComp.com or 860-553-6604.

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Do not use this information without independent verification. All state laws vary. You should consult with your insurance broker or agent about workers' comp issues.