Vermont announces 5th straight year of comp rate decreases

Workers compensation rates this year in Vermont will decrease for the fifth straight year, Gov. Phil Scott said in a statement Monday.

The loss cost in the state will decrease by an average of 5.5% for those in the voluntary market. Employers in the assigned risk market will see an average rate decrease of 4.6%.

With this latest announcement, Vermont employers will pay an average of 35% less in workers comp premiums than they did in 2016. 

Employers in industries with historically high workers comp rates will also see reductions this year, with logging and dairy farming expected to see reductions of between 3% and 12%. The skiing industry is projected to have reductions of up to 7%.

The new rates, which have been approved by the Vermont Department of Financial Regulation, will take effect April 1.