Many employers in Oregon had to be happy with recent news regarding workers compensation rates.
Oregon’s workers comp rates continue to be among the lowest in the nation, according to data released recently by the Oregon Department of Consumer and Business Services (DCBS).
The biennial study ranks all 50 states and Washington, D.C., based on rates that were in effect Jan. 1, 2014.
Oregon had the ninth least expensive rates in 2014, an improvement from its ranking as the 13th least expensive state the last time the study was done, in 2012.
DCBS recently announced that Oregon workers comp rates would decline further – an average 5.3 percent – in 2015.
Better Business Climate
“Consistently low workers compensation rates have been an important factor in creating a positive business climate in Oregon,” said Patrick Allen, DCBS director. “A strong commitment by all in the workers compensation community has helped keep costs down while improving outcomes for workers.”
The study shows California had the most expensive rates, followed by Connecticut. North Dakota had the least expensive rates. In the Northwest, Idaho’s rates were the 14th most expensive, followed by Washington.
Oregon researchers also compared each state’s rates to the national median (midpoint) rate of $1.85 per $100 of payroll. Oregon’s rate of $1.37 is 26 percent below the median.
Because states have various mixes of industries, the study calculates rates for each state using a standard mix of the 50 industries with the highest workers comp claims costs in Oregon.
Oregon has conducted these studies in even-numbered years since 1986, when Oregon’s rates were among the highest in the nation.
The department reports the results to the Oregon Legislature as a performance measure.
Author Kori Shafer-Stack, Editor, Amaxx Risk Solutions, Inc. is an expert in post-injury response procedures and part of the Amaxx team helping companies reduce their workers compensation costs by 20% to 50%. www.reduceyourworkerscomp.com. Contact: [email protected].
©2014 Amaxx Risk Solutions, Inc. All rights reserved under International Copyright Law.
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