Worker’s compensation insurance rates to drop next year

BOISE, Idaho (KIFI/KIDK) - The Idaho Department of Insurance announced Tuesday that there will be a (-)1.7% change in Idaho Worker’s Compensation Insurance, effective January 1, 2021. The rate adjustment was recommended by the National Council on Compensation Insurance (NCCI).

The worker’s compensation benefit system is designed to cover medical costs associated with workplace injuries.

“The Department is pleased to announce this reduction, which will benefit Idaho businesses, their employees and the economy in general,” said Director Dean Cameron. “The decrease in the 2021 workers’ compensation rates reflects continued improvement in our state’s projected claims costs.”

The program also provides wage replacement benefits to injured workers for lost work time. The NCCI annually collects information about the worker’s compensation system and submits proposed rates to the Department of Insurance for review and approval.