Changes to Massachusetts Workers’ Compensation

Changes to Massachusetts Workers’ Compensation

Massachusetts workers’ compensation rates

Workers’ compensation policyholders may want to review their insurance plans, especially if they just went into effect. Recent changes to Massachusetts workers’ compensation rates are impacting all policies that go into effect after July 1, 2018, leading to an overall rate decrease of almost 13%. While this is generally good news for policyholders, it is important to note that rate changes vary by classification code, and the classification system has also been modified.

The new plan includes other modifications to the workers’ compensation system. There have been changes to the Experience Modification Plan that may impact future Experience Modification Rate, or EMR, calculations. A policyholder’s EMR may be adjusted up or down, depending on how they are affected by the new rules. This could lead to an increase or decrease in insurance premiums on new plans. Other changes impact the small deductible credit program and retrospective ratings.

If you manage your business’s workers’ compensation plan, make sure you understand these rate and policy changes before purchasing a new insurance package. Many policyholders will experience premium decreases, but this is not guaranteed. Having all the facts about Massachusetts workers’ compensation rates will help you find the right insurance plan to meet your coverage needs at a price your company can afford.