On April 22, 2022, the MA Division of Insurance approved an average 3.46% decrease in existing Workers’ Compensation insurance rates, effective July 1, 2022. The upcoming reduction follows the trend of lowering rates: a 12.9% reduction was implemented July 1, 2018 and was followed by a 6.8% decrease July 1, 2020.
Please click HERE for a closer look at the updated rates per $100 payroll for common classifications in the homebuilding and remodeling industry.
For an overview of the above classifications, please visit our previous blog: A Guide to Common Residential Construction Classification Codes.
In addition to the rate change, the way that Experience Modification Rating (EMR) factors are calculated is changing, which will impact companies’ Experience Rating upward or downward depending on factors specific to each individual policyholder. Keep in mind, both rates and Experience Rating impact final Workers’ Compensation pricing. For additional details, please see the following link for the Workers’ Compensation Rating & Inspection Bureau (WCRIB) Circular Letter: link.
Please note that this change impacts only businesses that have payroll and in the Commonwealth of Massachusetts; other states Workers’ Compensation systems have not been impacted by this change.
For additional questions regarding your Workers’ Compensation policy and how the rates will affect your premiums, or any insurance-related matter, please contact NorthStar Insurance Services at 781-431-2500 or email@example.com.