Work Comp Premium Rate Continues Decline; Saving Employers $446 Million Since 2011
Michigan’s Workers’ Compensation system continues to benefit workers and job providers as the state’s pure premium advisory rate for work comp insurance will decrease by 9.3 percent for 2018. The Michigan Workers’ Compensation Agency announced that the state will see a cumulative decrease of 45 percent from 2011-2018, saving Michigan employers an estimated $446 million in workers’ compensation premiums[1]. The pure premium is instrumental in calculating a job provider’s overall expenses for workers’ compensation and is also a factor in employer insurance claims that cover costs for work-related injuries.