The Oregon Department of Consumer and Business Services has published its biannual study since 1968
As it has done in each even-numbered year since 1968, the Oregon Department of Consumer and Business Services published its biennial look at worker’s compensation rates this month. Using classification codes from the National Council on Compensation Insurance, the study uses methods that create a constant set of risk classification codes that allow for each state’s worker compensation rates to be evaluated and ranked on a comparable basis. The study then examines the workers’ compensation rates in each state by calculating individual employer’s costs according to experience ratings, premium discounts and other factors. For this year’s report, rates effective January 1, 2014 were used with a median value of $1.85. According to the Oregon Department of Consumer and Business Services, this amount was a drop of 2 percent from the 2012 median value of $1.8. The following map outlines Workers’ Compensation premium index rates for the 50 states and the District of Columbia:
How Massachusetts fares in the 2014 Study
Overall, the results show that Massachusetts continues to rank as one of the states with the lowest worker’s compensation rates in the country. Moving down four spots from the 2012 study, Massachusetts now ranks as the 48th least expensive state for worker’s compensation insurance along with Virginia. North Dakota is the cheapest while California continues in the top spot as the most expensive state. Our of the New England states, Connecticut is the most expensive, ranking as the second most expensive state nationally for worker’s compensation rates while Massachusetts is the cheapest. As for the other New England states, Vermont came in second, ranking eighth nationally, followed by New Hampshire at number 12, quickly followed by Maine at number 13, followed by Rhode Island at number 20.
The following is the Oregon Department of Consumer and Business Services Workers’ Compensation Premium Rate Ranking for the 50 states:
A copy of the official 2014 Oregon Worker’s Compensation Study can be viewed here. Note that this is only a summary of the report. The full report is generally released later in the year.
