VT Firms To See Decline In Worker’s Compensation Costs

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Gov. Jim Douglas says the state’s business owners are going to be paying less for workers’ compensation insurance.

The new rates will take effect April 1st and will mark the fourth consecutive year in which rates have decreased.

The rate changes vary by industry. The state says there were significant reductions for dairy farms, which will see a 19 percent cut, and the ski industry, which will go down 13 percent.

The new rates were approved by the Department of Banking, Insurance, Securities and Health Care Administration.

Douglas says the decreased rates would not be possible without employers’ continued attention to the need for workplace safety and state regulators.

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