VT Workers’ Compensation Rates Decrease in 2020.
February 6, 2020
Great news for the Jay Peak region. Decreasing these expenses will allow for more creative business investments, potential expansion and attract NEW business to relocate to VT! Thank you.
Montpelier, Vt. – Governor Phil Scott today announced that Vermont businesses will see a double-digit rate decrease in workers’ compensation insurance in 2020. The new rates, approved by the Department of Financial Regulation (DFR), become effective on April 1, 2020.
“As we work to grow the economy and the size of our workforce, addressing the high cost of doing business in Vermont is critical,” said Governor Scott. “A major expense for Vermont businesses has been workers’ comp insurance, so I’m incredibly pleased we’ve been able to continually reduce these costs, without reducing benefits for workers. These savings will help Vermont employers of all sizes hire more workers, increase salaries and expand their operations in our state.”
Rate changes vary by industry and classification, however, several key Vermont industries with historically high rates will see significant relief. Vermont’s logging industry will see rate reductions between 16-20%, the skiing industry will see rate reductions between 10-14% and the dairy farming industry will see rate relief between 8-12%. Craft brewers will also experience a reduction of 7% and many segments of the manufacturing sector will see significant decreases.