The cost of Workers’ Compensation insurance is declining for the fourth consecutive year in Pennsylvania.
The state departments of Insurance and Labor & Industry said Friday that overall rates will decline by 5.99 percent while benefits for injured workers remain unchanged. The changes take effect next Wednesday and will save businesses an estimated $140 million this year.
Officials say the effect on individual businesses will vary based on their risk classification, claims experience and other factors. Not all employers will see a decrease in rates.
Workers’ Compensation covers medical care and rehabilitation for workers injured on the job, and lost wages and death benefits for employees killed in work-related accidents.
More than 10,000 certified workplace safety committees have been established. Employers that establish such committees receive a discount on insurance.