Businesses in Massachusetts will see an average reduction of 1 percent on their workers' compensation insurance policies under new rates approved by the Massachusetts Insurance Division, it was announced yesterday.
News that the state's 2008 rate-setting agreement for comp, effective Sept. 1, was completed was released by the office of Gov. Deval Patrick, which said the result of the rate-setting proceeding is a projected saving for businesses of $11 million.
The new rates, averaging 1 percent per employer, mark the ninth time rates have decreased since 1994, the announcement noted.
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