BWC proposes 13 percent rate cut in premiums for private employers
3/12/2020 Update: On February 28, 2020, the BWC Board approved a 13 percent average rate cut for private employers, totaling approximately $132 million. The rate cute will be effective July 1, 2020, and is the third-largest rate cut by the BWC in 60 years. BWC Administrator/CEO Stephanie McCloud stated that the BWC was "happy to pass these savings along to [the] employer community," due to the continued decrease in claim volume and high-cost claims.
The Bureau of Workers’ Compensation (BWC) recently proposed a 13 percent rate cut in premiums, totaling nearly $132 million, for private employers beginning July 1, 2020. The BWC’s board is expected to approve the cut at a meeting on February 28, 2020.
For reference, the BWC cut private employers’ rates last year by 20 percent. The BWC also cut rates for public employers by 10 percent, effective January 1, 2020.
BWC premiums for both private and public employers are at their lowest in 40 years. The benefit to an individual employer depends on several factors, including recent claims history, participation in BWC safety programs and the industry in which the employer operates.
This is for informational purposes only. It is not intended to be legal advice and does not create or imply an attorney-client relationship.Download PDF