Workers’ compensation rates in the state of Indiana will continue to decline in 2019. The state Department of Insurance announced the change Wednesday.
The Indiana Department of Insurance will decrease how much employers should pay in workers’ compensation by an average of 7.6 percent, beginning in January of 2019.
Commissioner Stephen Robertson approved the change. He says in a statement the decrease will create savings for Indiana businesses and provide support “as they grow their companies.”
The Department of Insurance says the rate decrease is part of a larger, ongoing trend in Indiana. Rates also dropped 9 percent in 2017, and nearly 13 percent in 2018.
In a press release, the department says the lower rates are made possible by a drop in the number of workplace injuries. And it says the growing labor force is creating a larger pool for premiums.
The department estimates that the reduction will save the state’s businesses $62.7 million. It goes into effect Jan. 1.