Many states have specific requirements concerning the availability of workers’ comp insurance and the provision it must include. Businesses can be fined for non-compliance, even though they may be unfamiliar with recent changes to existing legislation. Recently, adjustments were made for Massachusetts workers compensations rates.
Who It Affects
In March of 2018, all business who maintained an MA payroll were notified about rate changes for workers comp. The Workers’ Compensation Rating & Inspection Bureau of Massachusetts (WCRIBMA) officially released the information that an average rate decrease of 12.9% would happen across all classifications codes, with more specific changes occurring according to code.
What Is Affected
As well as giving notice to the rate change, the WCRIBMA also released the following changes:
- The scope of certain classification codes were being revised.
- Experience Modification Rating (EMR) factors could be impacted by changes to MA Experience Rating Plan.
- Rating Plan changes would be retrospective.
- A 13.3% overall rate decrease would occur in F-classes.
- Changes could be expected with U.S. Long-shore and Harbor Workers’ Act coverage.
- The small deductible credit program was in revision.
The changes made by the state of MA potentially benefit business owners. The EMR number, in conjunction with the rates for coverage, impacts the final coverage pricing for workers’ comp. Staying compliant with Massachusetts workers’ compensation rates will benefit both employer and employee.