Washington Average Workers’ Compensation Premium Rate Going Up 4.9% in 2024

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The Washington State Department of Labor & Industries (L&I) has adopted a 4.9 percent increase in the average worker’s compensation premium rate for 2024.

The rate increase, which takes effect Jan. 1, 2024, means employers and workers will jointly pay, on average, an additional $65 a year in workers’ compensation insurance premiums for each full-time employee. Similar to last year, workers will pay about a quarter of the premium.

The 4.9 percent increase is an average for all industries. The rate for specific industries could be higher or lower depending on their recent claims experience.

Employers and workers pay into the workers’ compensation system to help cover the cost of providing wage and disability benefits for injured workers, as well as medical treatment of workplace injuries and illnesses.

Every fall, L&I determines the proposed workers’ compensation rates for the following year by looking closely at several factors, including the expected workers’ compensation payouts, the size of the contingency reserve, wage inflation and other financial indicators.

Read the original article here.

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