Montana Worker’s Compensation Insurance Costs Cut by Five Percent
Starting in July, most Montana employers can expect to see a dip in the amount of money they need to shell out for worker’s compensation insurance.
"Worker's compensation costs for Montana and Montana small businesses have been decreased by an average of five percent," said Montana State Fund CEO Laurence Hubbard. "Now that varies depending on the industry they're in, some business have not had so good loss experiences and those rates could go up, but on average, it will be an average of five percent and that's good for Montana small businesses, it puts money right into their pocket."
Hubbard says that this latest decrease is part of a longer trend.
"I think that what we've seen, certainly since 2007, is that Montana State Fund has lowered its average rates by almost 40 percent, and that is good news," Hubbard said. "That [decline] is due in part by the significant effort Montana's businesses have been putting into reducing workplace injuries."
Montana State Fund received about $157 million from Montana businesses during the current fiscal year, a five percent drop means that nearly $7.8 million will be saved.