Indiana Department of Insurance Decreases Workers’ Compensation Rates

Workers' Compensation

Workers injury compensation moneyYou may have heard on the news about some major changes to workers’ compensation rates in the state of Indiana. The rate reduction is significant, and the impact it can have on injured workers and their families is alarming.

The Indianapolis-based lawyers of Golitko & Daly would like to go over the basics of these rate reductions and when they take effect. Rest assured that despite the challenges posed to working people, the lawyers of Golitko & Daly stand with you.

What Is Proposed by the Indiana Department of Insurance?

According to an October press release from the Indiana Department of Insurance, department commissioner Stephen W. Robertson approved a reduction in workers’ compensation rates. This reduction in workers’ compensation rates of 12.8 percent is thought to save Indiana businesses $102 million.

The press release noted that workers’ compensation rates in Indiana have experienced a downward trend in the last five years. The Indiana Department of Insurance cites improved safety standards and improved management for this downward trend.

In the press release, Robertson says, “We are proud that Indiana continues to produce some of the lowest Workers’ Compensation rates in the nation. With overall rates decreasing in 2018, Indiana intensifies its tradition of offering employers a welcoming and responsive business environment.”

When Do the Reductions Take Effect?

According to the Indiana Department of Insurance, the 12.8 percent reduction in workers’ compensation rates will take effect starting January 1, 2018.

What Does This Mean for Injured Workers?

This reduction sounds good on the surface given its savings for Indiana businesses, and the emphasis on improved safety at workplaces statewide. Reading the press release, this sounds like a sensible reduction that’s good for everyone in the long run, from job creators and employees to the state as a whole.

However, these positives also come at a cost. That cost is to the injured workers themselves. Accidents still happen even at safe workplaces. People who have been seriously injured while on the job rely on workers’ compensation benefits to cover basic living expenses, such as medical costs, food, utilities, rent, and so forth. The cut may benefit their employers, but what about the workers themselves?

Fighting for Fair Compensation

A 12.8 percent reduction in workers’ compensation rates is no laughing matter, especially given the current cost of living throughout the state. Injured workers will suffer. They have to make ends meet on reduced income while on workers’ compensation (compared to normal wages), and they will will face an even greater pinch starting next year.

Our Attorneys Are Here for Workers and Stand for Their Rights

We believe in fair compensation for people who have been injured at their job. That’s why the legal team at Golitko & Daly will continue to fight diligently for injured workers. If a worker is denied workers’ compensation benefits, we will fight to ensure their claim is reconsidered. We will also help workers receive proper compensation that considers their injuries and the impact on their lives and livelihoods.

While Indiana workers may face greater difficulties starting next year given these statewide rate reductions, one thing will not change: Golitko & Daly will fight for the rights of Indiana workers and their loved ones.

Speak with the Lawyers of Golitko & Daly

For more information about your legal rights following an on-the-job injury, be sure to contact our team of workplace injury and workers’ compensation lawyers. The attorneys of Golitko & Daly will fight for you and your legal protections every step of the way.