Starting in January, employers in Washington face an average 2.7 percent hike in workers’ compensation insurance premiums, the first increase in three years, the state Department of Labor and Industries announced Monday.
The rate hike is part of a plan to ensure predictable rates that benchmark against wage inflation, according to L&I. The agency expects the increase to bring about $55 million in additional premiums next year.
At 2.7 percent, the L&I premium increase is an average for all Washington employers. Individual employers could see rates go up or down, depending on recent claims and changes in the frequency and cost of claims in their industry.
L&I held public hearings on the proposed rate hike around the state in October. The 2014 rates by industry are at www.lni.wa.gov/ClaimsIns/Insurance/RatesRisk/Check/RatesHistory.