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Contractors to see lower workers’ comp premiums

Largely because of their improved safety records, contractors will get a break for a second year in a row on the premiums they pay for workers’ comp.

The Worker’s Compensation Ratings Bureau announced earlier this month that construction companies will see their workers’ compensation premiums drop by 8.28 percent on average starting on Oct. 1. The ratings bureau is an independent group that calculates the premium rates that employers must pay insurance companies for workers’ comp coverage.

This year’s decrease for contractors is even biggest than last year’s, which was 5.1 percent. But Bernie Rosauer, president of the compensation ratings bureau, cautioned that it’s important to remember these figures are averages.

Companies in more dangerous parts of a particular industry – say the roofing segment of the construction industry – will still pay higher premiums than others. And individual companies with poor safety records – no matter what part of the industry they are in – will pay more.

This year, the average decrease for contractors was slightly less than the average decrease for all companies regardless of industry – which came in at 8.46 percent. Among all industries, manufacturers saw a particularly large decrease – one of 9.28 percent on average.

The state’s Department of Workforce Development estimates the decreases will save companies $170 million.

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