Indiana Department of Insurance Commissioner Stephen Robertson has approved a reduction in workers' compensation rates, effective next year. The department says the average 7.6 percent decrease will save Indiana businesses about $62.7 million.

IDOI says the state's rates have been on a downward trend in recent years because of less frequent worker injuries. In addition, the department says near-full employment also creates a larger base for collecting premiums. The new rates go into effect January 1.

The department says Indiana's workers' compensation rates are consistently among the lowest in the United States. It cites the Oregon Workers' Compensation Premium Rate Ranking report, which has come out on a biennial basis since 1986.