Vt. Gov. Scott: Vermont Businesses to See Decrease in Workers' Compensation Insurance for Record 5th Year in a Row
Governor
"As we work to grow the economy and size of our workforce, addressing the high cost of doing business in
"It is very encouraging that
DFR has issued several recent orders to help
* Prevented businesses' from experiencing a premium increase if they have a COVID-19 related workers' compensation claim as any claims related to this once-in-a-century event would not accurately predict the safety of a workplace or the future claim costs for an employer;
* Ordered premium relief for employers who paid furloughed employees during the pandemic since furloughed workers do not present workers' compensation risk to the employer; and
* Excluded any payments under the Front-Line Employees Hazard Pay Grant Program from being included in the calculation of premiums, thereby removing any financial barriers for employers to participate in the program and avoiding
In the voluntary market - which is the open competitive market - loss costs (the primary component of workers' compensation rates) will decrease by an average of 5.5%. Approximately 90% of
These rate changes will vary by industry and classification, however, several key
The new rates, approved by the
The Governor and Commissioner Pieciak recognize the diligent work of the
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