The business community in the state of Wisconsin will benefit from lower workers comp premiums in 2020. The Wisconsin Chief Insurance Regulator annouonced back in July of 2019 that it had approved an overall 8.84% decline in premium. These Wisconsin Workers Compensation Insurance Rates were made effective as of Oct. 1st, 2019. The anticipated savings will amount to more than $170 million in 2020.
These declining Wisconsin Workers Comp Rates mean rates have declined for four consecutive years. These rates declined by six percent in 2018, eight and a half percent in 2017, and three percent in 2016. A main contributing factor to the declines is employers reporting only 82,400 injuries and illness in 2017. This amounts to 300 less than the previous year. In addition to less reported injuries and illness, the amount of time those injuries resulted in temporary disability is about two weeks shorter than the national average. This means the business community in the state of WIsconsin is experiencing less workers comp claims, and the claims they are experiencing are much less severe compared to other states.