Workers' Compensation Rate Increase

, Posted: Fri, September 14 2012 at 8:10 AM, Updated: Fri, September 14 2012 at 9:23 AM

Starting next year, Medical costs related to worker's compensation is expected to increase.

The change is affecting the Pure Premium portion, which covers anticipated claims costs for job-related injuries and deaths.

On Thursday, the Department of Consumer and Business Services approved the 1.7% increase.

However, that number is an average, meaning some may see a greater increase, or no change at all.

The changes go into effect on January first, but employers will see the changes when they renew their policies.   

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