Good News From the Workers Compensation Bureau
The Massachusetts Workers Compensation Bureau notified all of its members of a revision of rates and other changes to the workers compensation system. When it comes to workers compensation in Massachusetts, a lot has changed over the course of the last year.
Workers Compensation Changes
Revisions happen, even with workers compensation. When a change is made, a lot may turn out different. Some of the changes that business owners need to be aware of are as follows:
- Amendment to small deductible credit programs
- Rate level decrease of 13.3% for F-Classes
- Retrospective rating plan changes
- Changes made to the Experience Rating Plan
- Revised scope involving certain classification codes
Many of these changes are good news to business owners and those who have purchased workers compensation insurance.
Workers Compensation Rate Decrease
One of the most important changes that the Massachusetts Workers Compensation Bureau is focusing on is the decreased rates. In addition, the EMR factors will help impact a company’s Experience Rating.
Of course, when it comes to these facts, the only state impacted by the changes is Massachusetts. When it comes to workers compensation, every year, it’s important to keep up with the different changes. Without awareness, you may sign up for the wrong insurance or find that you aren’t protected.