Idaho Workers Compensation Rates again head in the right direction
The Idaho Department of Insurance as of October 2019, has approved a proposal for a 6.2 percent overall rate decrease to Idaho Workers’ Compensation Insurance. This decrease goes in to effect on Jan. 1, 2020. Before this announcement, Idaho Workers Compensation was the 14th most expensive state in the country to purchase coverage. This means it is extremely important for business owners and managers to make sure they are taking advantage of every way to maximize savings.
Reaction to Idaho Workers Comp Rate Reduction
The Director of the Idaho Department of Insurance Dean Cameron said in a statement, “We are pleased to announce this reduction — a move which will benefit Idaho businesses, their employees and the economy in general. The decrease in the 2020 workers’ compensation rates reflects continued improvement in our state rating factors, including a slight decline in both the frequency of claims and the average cost of those claims.”
In the state of Idaho, the regulation of Idaho’s insurance business began in 1901. In 1961 the Department of Insurance was formally created. In Idaho, the state’s workers’ compensation benefit system is designed to cover medical costs associated with workplace injuries. The system also provides wage replacement benefits to injured workers for lost work time. Workers Compensation is frequently referred to as the “Exclusive Remedy”. This term is used because the system provides benefits to both workers and employers. With out this system, injured workers would have to go without pay when they are hurt and not able to work. Employers would be at risk of being sued for injuries that happen as a part of normal business operations.
