Keeping Up with State Changes

Keeping Up with State Changes

Massachusetts workers compensation rates

Workers compensation is a type of insurance that provides employees with medical benefits and partial wage replacement in the event they are injured while they are working. This compensation is usually offered as a guarantee that the employee will relinquish any right to a lawsuit claiming employer negligence. Recently, state law altered Massachusetts workers compensation rates and coding practices.

Two of the most significant changes in workers compensation requirements for 2018 include:

An overall rate decrease of approximately 12.9%, although specific rate changes will occur depending on classification. These changes benefit those with payroll and in the state of Massachusetts.

The Experience Modification Rating factors will be impacted by changes made to the MA Experience Rating Plan. These changes could shift a company’s rating either upward or downward, as individual factors are considered against policyholders.

Although each business should ensure their Human Resources department is familiar with the changes involving Massachusetts workers compensation rates, having the insight from a team of policy experts will be the best way to ensure your company is taking advantage of the new terms. Your company’s insurance provider will be able to discuss how your company will benefit from the new rates or rating system, but they can also give instruction on the best way to remain compliant with state regulations concerning employee benefits.