Businesses To See Decrease In Workers’ Compensation Insurance For Record 5th Year In A Row
Montpelier, VT (STL.News) Governor Phil Scott today announced that Vermont businesses will see another rate decrease in workers’ compensation insurance in 2021. This is the fifth straight year workers’ compensation rates have decreased, and when combined with decreases from 2017-2020, Vermont employers will pay an average of 36% less in workers’ compensation premiums than they did in 2016.
“As we work to grow the economy and size of our workforce, addressing the high cost of doing business in Vermont is critical,” said Governor Scott. “A major expense for Vermont businesses has been workers’ compensation insurance, so I’m proud that we’ve been able to reduce these costs annually, without reducing benefits for workers. These savings will help Vermont employers of all sizes hire more workers, increase salaries and expand their operations in our state.”
“It is very encouraging that Vermont continues its streak of workers’ compensation premium decreases even during the unprecedented times brought on by COVID-19,” said Department of Financial Regulation (DFR) Commissioner Michael Pieciak. “Vermont businesses have seen unparalleled challenges this year as they try to keep their employees safe while remaining open for business, and I am pleased to see these efforts pay off with a continued reduction in rates.”
DFR has issued several recent orders to help Vermont businesses with the significant challenges brought on by COVID-19.