Earlier this month, Indiana Department of Insurance Commissioner Stephen Robertson announced the approval of a 9.3% reduction for workers’ compensation rates to be effective January 1, 2017. The reduction is the biggest rate decrease Indiana has seen in 25 years.
This reduction will result in savings of approximately $82.7 million dollars for Hoosier businesses.
The Indiana Comprehensive Rating Bureau established this recommended advisory rate by taking a two-year review (2013-2014) and estimating going forward.
Workers’ compensation insurance covers medical costs associated with workplace injuries and provides wage replacement benefits to injured workers for lost work time. The frequency of such claims is down both in the state and nationally. These lower rates are also likely a result of workplaces generally becoming safer.
For many years, the Indiana Chamber has fought for rational, reasonable laws; we are glad to see the Department of Insurance recognize the current climate and take this positive step. The savings are significant and will help encourage additional growth in the business community.
Don’t coast along when it comes to employee skills and legal developments that impact your business. Engage people – and protect your bottom line – through a variety of upcoming training events.
The annual Indiana Worker’s Compensation Conference will take place May 11 at Crowne Plaza Indianapolis Downtown Union Station. It will feature sessions on psychological injuries in the workplace; the impact of worker’s compensation on your organization; Indiana’s Worker’s Compensation Act (and how it works together with the FMLA and ADA); and more!
Sponsors are Athletico Physical Therapy, Center for Diagnostic Imaging, Ice Miller LLP and Pro Resources Staffing Services. Contact Jim Wagner at (317) 264-6876 regarding additional sponsorship and exhibit opportunities.
Shift gears by attending the annual Indiana Environmental Permitting and Reporting Conference on May 18-19 at the Indiana Chamber Conference Center. Sponsored by KERAMIDA, Inc., it’s the most complete and comprehensive permitting and reporting course offered in the state.
- 2016 Annual Reporting Requirements and Update
- Are You Prepared for Your Next Air Compliance Inspection?
- Spill Reporting and Spill Prevention Considerations
- Most Common Notices of Violation – How to Demonstrate Permit Compliance
- Beneficial Reuse of Foundry Sand/CCR – Permits and Regulations
Two additional events, both at the Indiana Chamber Conference Center, round out May offerings: Forklift Safety: Train the Trainer (May 24) and OSHA Recordkeeping and Reporting Course (May 25).
Register for any of these events online or by calling Nick at (800) 824-6885.