Insurance rates for workers’ compensation insurance will drop next year for the third year in a row.
However, because the average wage for workers has gone up statewide, workers will see a small increase in what they pay for the insurance starting in January.
This week, Labor & Industries announced an average rate cut of 0.8% compared to prior rate cuts of 2.5% in 2018 and 5% in 2019. Under next year’s rate, employers will pay an average of about $15 less per employee for a year of coverage.
L&I determines rates by looking at expected payouts, the size of its savings account, wage inflation and other indicators.