Indiana Department of Insurance approves reduction in workers’ compensation rates

(Indianapolis, IN – Insurance News and Markets) – As of Jan. 1, 2017, Indiana business owners will see a reduction in their workers’ compensation rates of 9.3 percent, thanks to Indiana Department of Insurance Commissioner Stephen W. Robertson’s order of Oct. 5. This could save nearly $83 million for businesses in the state.

“We are proud that Indiana continues to produce some of the lowest Workers’ Compensation rates in the nation. With overall rates decreasing in 2017, Indiana intensifies its tradition of offering employers a welcoming and responsive business environment,” said Indiana Department of Insurance Commissioner Stephen W. Robertson. “The significant savings will help support Indiana businesses and encourage continued job growth for Hoosiers.”

Workers’ compensation insurance covers medical costs associated with workplace injuries and provides wage replacement benefits to injured workers for lost work time.

Source: Indiana Department of Insurance.