Massachusetts approves worker’s compensation insurance cost decrease
Massachusetts lawmakers approved a 2.4 percent decrease in workers’ compensation insurance costs this week, to go into effect starting September 1. The money saved through this should amount to around $22.5 million.
The decrease marks the tenth rate reduction in the Bay State since 1994.
“Lowering the cost of workers’ compensation insurance is very much in keeping with our larger goal of improving the state’s business climate so that we can grow the economy and create jobs,” Gov. Deval Patrick said.
Paul Meagher, president of the Workers’ Compensation Rating and Inspection Bureau of Massachusetts, disagrees. The organization had lobbied for 4.5 percent increase in rates prior to the passage of the new rate decrease.
“In today’s uncertain economic climate, maintaining a healthy voluntary market for workers’ compensation insurance will likely be a challenge given the continuing increase in claims severity and low expected industry investment returns,” he said. “The WCRIBMA is committed to working with its committees, members, regulators, and other stakeholders toward our shared goal of a stable and healthy workers’ compensation market in the Commonwealth,” Meagher said.
If you are looking for legal advice when it comes to worker’s compensation, contact the Raleigh workers compensation lawyers of Scudder & Hedrick, PLLC, at 919-851-3311 today to learn more about your rights.