Oregon Workers Comp Rates in 2020 will be declining for the 7th year in a row. Next year the declines will amount to an 8.4 percent decline compared to the previous year. In 2019, the Oregon Business Community enjoyed 9.7 percent declines. Altogether, the declines have equaled 45 percent over the previous 7 years. Business Owners will pay an average of $1.02 per $100 of payroll for workers’ compensation insurance in 2020, down from $1.11 in 2019.
According Cameron Smith, Director of The Department of Consumer and Business Services, “The steady decline in workers’ compensation costs is about more than just the numbers. It demonstrates the hard work of employers, workers, insurers, and government to maintain essential worker protection programs and robust benefits for injured workers while keeping business costs low.” The average decrease in the pure premium reflects a long-term trend of lower medical care costs and less severe claims.
According to The 2018 Oregon Workers’ Compensation Premium Rate Ranking Summary Oregon was ranked 46 out of 50 states when it comes to pure premium ranking. This study is done by the state of Oregon every two years. This years ranking has improved every two years dating back to 2012 when the state was ranked 39th in workers comp pure premium rate.
Even though Oregon Businesses enjoy fairly inexpensive workers comp rates, it is important for business to maximize savings in every way possible. Here are 5 ways to expand upon the savings when purchasing workers compensation insurance.
- Partner with an Independent Insurance Agent
- Shop Around your Policy
- Consider Pay as You Go
- Bundle All Policies
- Implement Safety Programs