CBIA Workers' Comp program premium rates will decline an average 2.9% next year.
CBIA's Steve Marcoux said the workers' compensation rate cuts reflect a continued decline in the number of workplace injury claims and lower average medical costs per claim.
"Our participating member companies are taking advantage of the program's risk management services and they are seeing that benefit on the bottom line," Marcoux said.
"The program is helping businesses better control workers' compensation insurance costs, which is one of their critical operating expenses."
The new rates are for policies renewing on or after Jan. 1, 2020.
CBIA’s Workers' Comp program meets full state coverage requirements and is available to CBIA members within certain manufacturing class codes.
CBIA's Comp Services board announced a $933,752 experience refund for qualified workers' compensation policyholders earlier this year.
That followed a $1 million refund the previous year and a $750,000 refund in 2017.
For more information, contact CBIA's Steve Marcoux (860.244.1900).