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The State Endowment of Montana, the state’s largest workers’ compensation insurer, announced Friday that it will reduce premiums by 10%.
holly odell
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The company said workplace accidents continue to be a concern, but it has reached a major milestone with a 60% reduction since 2007. He also said there would be a 5% reduction in 2023.
“In our effort to become Montana’s most popular workers’ compensation carrier, we offer low-cost services to employers across the state,” said Holly O’Dell, MSF President and CEO. I’m excited to be able to do it.” “We are Montanans serving Montanans, and as a nonprofit option to provide insurance to our workers, we want employers to know we are thinking about them. .”
Officials with the Montana State Fund said workers’ compensation insurance is the biggest expense on an employer’s books after payroll.
MSF board chair Richard Miltenberger said the cuts were not just to save money, but to help businesses thrive and have easy access to the company’s services.
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The company added that its workplace safety efforts are ongoing.
Gov. Greg Gianforte said the cuts are welcome news for Montana employers. He said this is the 18th consecutive year of stable wages and a sign that efforts to reduce workplace accidents are working.
Company officials said inflation costs are rising in every other aspect of insurance, but workers’ compensation is trending down.
“Worker’s compensation is a significant cost factor, especially in high-risk industries, which is why this reduction of more than $15 million is very good news for Montana employers,” officials said. said.
“Injuries are down and employment rates are down nationally. This speaks to the commitment of employers to invest in workplace safety. Montana still has room to pass and we are doubling down on safety.” Rates could be even lower. Montana workers are still injured 25% more than the national average.”
Industries with larger-than-average tax cuts include office work, construction, and manufacturing.
The Montana Foundation office in Helena.
Phil Drake, Independent Records
The Montana Foundation, which insures approximately 24,000 businesses and organizations in Montana, is Montana’s only not-for-profit workers’ compensation insurance company and is committed to providing reliable and affordable coverage. We will do our best,” the officials said.
The new rates will be effective July 1 for new and renewed contracts.
Sonny Tapia is a criminal justice and education reporter for the Helena Independent Record.holly michels The Montana Press Director contributed to this article. She can be reached at the following address: holly.michels@lee.net.
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