State Fund To Reduce Rates
In these times of rising costs for employers, there may be a bright spot in terms of their workers’ compensation premium rates. Recently, Montana State Fund’s board of directors announced an average 5 percent rate reduction for their policyholders.
“As the state’s largest workers’ compensation insurer, it is our goal to be a predictable and stabilizing force for the Montana economy,” said Richard Miltenberger, MSF chairman. “With this reduction, MSF has now kept rates steady or lowered them for 17 consecutive years. In fact, rates are now 56.4 percent lower than they were in 2006.”
Several factors go into policyholder rate reductions, but two factors are especially noteworthy: fewer workplace accidents and getting workers back to work as soon as medically appropriate.
Holly O’Dell, MSF’s president and chief executive officer, explained, “It is our mission to partner with our customers to lower their rates. We do this by helping them create a culture of safety at their businesses. This rate reduction is a testament to their diligence, which is paying off.”
Historically Montana has had high injury rates, but according to O’Dell, Montanans are trending in the right direction.
Gov. Gianforte noted, “This rate reduction is great news for hardworking Montanans and job-creating businesses throughout the state. Thanks to the Montana State Fund team, we’re taking a step in the right direction, but better is always possible. That’s why we must remain diligent in ensuring workplace safety to continue reducing rates for both employees and employers.”