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Idaho worker's comp insurance cost to drop for 2022

 
October 13, 2021

The National Council on Compensation Insurance (NCCI) recently submitted their annual rate recommendation and the Idaho Department of Insurance accepted a seven-percent reduction in rates, effective January 1. Workers’ compensation insurers can now either adopt the NCCI rates without modification or propose to the Idaho Department of Insurance's review an adjustment from NCCI’s rates.

“The Department is pleased to announce a significant decrease this year,” said department director Dean Cameron. “This will benefit not only Idaho businesses and their employees, but also the economy in general.”

A portion of the reduction is due to the department’s proposed elimination of certain rating factors in the last legislative session. The Idaho legislature approved the changes.

Employers purchase workers’ compensation insurance, which is designed to cover their employee’s medical costs associated with any workplace injuries. It also provides wage replacement benefits to injured workers for lost work time.

In exchange, employers are protected from litigation should an employee be hurt on the job. NCCI annually collects information about the workers’ compensation system and submits proposed rates to the Department of Insurance for review and approval.

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