Montana work comp premiums could go down after report shows lower costs

csimt Uncategorized

By: Jonathan Ambarian

A national analysis says the cost to provide workers’ compensation coverage in Montana is going down, which could mean businesses around the state will have to pay less in insurance premiums.

“We fully anticipate that there will be across-the-board reductions in the premiums charged to our businesses, which obviously is always a really good thing,” said State Auditor Matt Rosendale, Montana’s insurance commissioner.

The National Council on Compensation Insurance released an annual report, in which it proposed reducing the statewide “advisory loss cost” by 10.7 percent, starting July 1, 2018. Rosendale approved the reduction this week.

Private insurers and the Montana State Fund use the loss cost number as a basis when determining what they charge businesses for workers’ compensation insurance.

Read more at KTVH