The state Division of Labor & Industries (L&I) mentioned Monday there will likely be no enhance for the typical premium charge in 2021 “though our projections for subsequent 12 months’s claims point out charge will increase are wanted.”
L&I Director Joel Sacks mentioned in an announcement the company has “the funds for present claims and contingency reserves to assist throughout robust occasions, like in the present day.”
In recent times, the company mentioned, it has made small reductions however prevented bigger cuts in charges, in an effort to construct up reserves to the fund that pays employees’ compensation claims within the state for corporations that don’t self-insure. Final 12 months, there was a 0.8 p.c lower within the common quantity employers paid for the protection. L&I reduce charges by 5 p.c in 2019 and a couple of.5 p.c in 2018, based on L&I.
Whereas there gained’t be an total charge change for 2021, particular person employers might even see their charges go up or down, relying on their current claims historical past and adjustments within the frequency and value of claims of their business danger courses, the company mentioned.