TUMWATER, Wash.-The average workers’ compensation premium rate for workers in Washington will increase by 4.9 percent in 2024.
The Washington State Department of Labor & Industries announced the increase, which takes effect Jan. 1, 2024, on Nov. 30.
According to L&I, the increase means employers and workers will jointly pay, on average, an additional $65 a year in workers’ compensation insurance premiums for each full-time employee.
“Helping prevent workplace injuries and illness is our number one goal, yet we have to make sure that we have a healthy workers’ compensation system said L&I Director Joel Sacks.
Workers’ compensation rates are determined each fall for the coming year by L&I by looking at the expected workers’ compensation payouts, the size of the contingency reserve, wage inflation and other financial indicators, according to an L&I press release on the increase.
The 4.9 percent increase is an average for all industries, according to L&I the rates for specific industries could be higher or lower depending on their recent claims experience.