State officials cut workers' compensation insurance rates
Vermont employers will now pay less for workers' compensation insurance.
Gov. Phil Scott, R-Vermont, says employers spend a lot of money on this every year, which protects them when a worker gets hurt on the job.
Three years ago, state financial regulators discovered Vermont employers pay 10 percent more than surrounding states for workers' compensation insurance.
Since then, the state has been working to cut rates for industries with high rates, like dairy, logging, road work and ski resorts.
Starting April 1, voluntary workers' compensation market rates will drop by 11 percent.
The state is also cutting that cost by almost 50% for some small businesses and employing just one or two people.
"That premium relief we believe will lead to increased coverage for small businesses and will help them put their hard-earned money into other places that will help their company," said Mike Pieciak, the commissioner of the Vermont Department of Financial Regulation.
Vermont employers will now pay about one-third less than they did four years ago.
This is the fourth straight year of workers' comp rate decreases.