The Indiana Department of Insurance has approved a nearly 13 percent reduction in Workers’ Compensation rates. Commissioner Stephen Robertson says the decrease, which will take effect January 1, will save Indiana businesses approximately $102 million.
The IDOI says the 12.8 percent decrease is due to a drop in frequency of worker injuries, which is the result of an increased emphasis on safety in the workplace and better case management for injuries that do occur. Robertson says the savings will support Hoosier businesses and encourage continued job growth.
"We are proud that Indiana continues to produce some of the lowest Workers’ Compensation rates in the nation," Robertson said in a news release. "With overall rates decreasing in 2018, Indiana intensifies its tradition of offering employers a welcoming and responsive business environment."
The Oregon Workers’ Compensation Premium Rate Ranking report says Indiana’s Workers’ Compensation rates are the second lowest in the country.
The reduction follows a 9.3 percent decrease in Workers’ Compensation rates announced last year, which was estimated to save Indiana businesses more than $82 million.