What changed about workers’ compensation in 2019?
Sometimes changes to workers’ compensation system benefit you and your employer. In Connecticut in 2018, there was a change that goes into effect in 2019. The Insurance Journal explains that business owners got a 17 percent decrease in rates. This is huge because it means your employer is paying less for workers’ compensation insurance. This savings may benefit you.
When your employer saves on expenses, it can then take the money saved and reinvest it in the business. For example, your employer may be able to give raises or make changes to benefit plans with the extra money.
The good news is that this is the fifth year of rates going down. Previous decreases were 14 percent, 11 percent, four percent and three percent. As time goes by, the decrease has increased. Experts attribute the increasing decreases each year to a reduction in claims and lower payouts. This saves the insurance companies money, so they can pass that onto employers or at least use it to go back into the business.
Not only is this good news for employers already paying workers’ compensation insurance but it also is great for new employers. It also may encourage those employers who have not been adhering to the law and carrying insurance to finally do so. It is a win-win for everyone because it can make the workplace safer, allow employers to spend money on the business and create a more favorable atmosphere for employers to get workers’ compensation coverage. This information is for education only. It is not legal advice.