Indiana is reducing employers' workers' compensation rate — already the second lowest in the nation and 43 percent lower than the national average — by 7.6 percent.
The Indiana Department of Insurance approved the decrease, which is expected to save Hoosier businesses an estimated $62.7 million per year.
Currently, employers pay between $0.11 and $7.69 for worker's compensation per employee per month, according to the Indiana Compensation Ratings Bureau. The insurance is paid out to employees who get hurt on the job and are unable to immediately return to work.
Injured workers get two-thirds of their former paycheck, up to $600 a week, if they are sidelined and need time to heal.
The worker's compensation rates businesses are liable for have been declining in Indiana for years, because of less frequent worker injuries, fewer jobs in heavy industry, and a strong job market that increases payrolls, creating a larger base for collecting premiums.