Reduction in Workers Compensation Costs
The cost of workers’ comp in Montana will drop 14.6 percent as of July 1.
Commissioner of Securities and Insurance, Montana State Auditor Troy Downing, has approved a decrease in workers compensation loss costs.
The overall average decrease, which goes into effect on July 1, 2021, is 14.6 percent compared to last year’s drop of 8.1 percent. This decrease is the largest since 2019 at 17.2 percent. The Montana State Fund and private insurers use the approved lost costs to assist in establishing the prices businesses in Montana pay for workers compensation insurance.
“This is great news for Montana businesses already struggling due to the Covid 19 lockdowns and economic uncertainty. Lower insurance costs mean Montana businesses are more competitive nationally, can raise wages, and can pass savings onto customers.” Downing goes on to say, “My Administration is focused on reducing insurance prices across the board to help businesses, employees, and consumers prosper.”
The National Council on Compensation Insurance filed the 14.6% decrease, and Commissioner Downing has approved it.