“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%.
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.
Podcast/Webcast: Claim Handling Strategies