November 30, 2016

Pennsylvania Improves Ranking In State Workers’ Compensation Insurance Costs

Gov. Tom Wolf Wednesday announced a national study shows Pennsylvania has improved its standing among states under his administration in workers' compensation insurance costs.
The study ranks Pennsylvania 26th highest among all states, down from 17th highest in the last such study, done in 2014.
The Oregon Department of Consumer and Business Services conducts the study comparing workers' comp insurance rates for 50 selected employment classes based on methods that put states' workers' comp rates on a comparable basis with a constant set of state-specific risk classifications.
"This is good news for businesses in Pennsylvania and those considering coming to our state," Gov. Wolf said. "As we become more competitive in the cost of doing business, we are encouraging companies to create jobs that pay."
Insurance Commissioner Teresa Miller noted the department under Gov. Wolf's leadership is working to maintain a vibrant and competitive workers' compensation insurance market.
"More than 325 companies offer workers' compensation insurance coverage in Pennsylvania," Commissioner Miller said. "This means employers are able to find attractive, cost-efficient options for this vital insurance."
In addition to lower workers' comp insurance costs noted in the study, the Department of Labor & Industry, which oversees workers' compensation in the state, offers discounts through certified workplace safety committees.
"Certified workplace safety committees help employers and workers keep safety top-of-mind at all times," Labor & Industry Secretary Kathy Manderino said. "And those companies with a committee receive a five percent discount on their workers' comp insurance premiums."
Commissioner Miller and Secretary Manderino noted these costs savings for businesses were achieved while maintaining benefit levels for injured workers.
A copy of the study is available online.