HELENA — The Montana State Fund (MSF), the state's largest workers' compensation insurance provider, has approved a 10% rate reduction for employers.
MSF says the decision means employers have seen rates decrease by more than 60% since 2007. The Montana State Fund currently insures about 24,000 businesses, totaling some 300,000 employees.
MSF has been able to reduce rates even as the rate of workplace accidents remains a concern. According to the insurer, Montana workplace accident rates are more than 25% higher than the national average.
“It’s less expensive to do business in Montana again. That money is funneling right back into the business, either to hire more employees or to invest in safety interventions that can make sure individuals can go home safely at the end of the day or to plow back into the equipment a business needs to grow, said Holly O’Dell, the Montana State Fund President and CEO.
The rate reduction is pending approval by the Commissioner of Securities and Insurance. If it is approved it will take effect on policies starting July 1, 2024.
