Average Workers’ Comp Rate to Increase 3.6% in 2014

By: Britt Simon on Nov 18 2014

Personal Injury Workers Compensation

Average Workers’ Comp Rate to Increase 3.6% in 2014

The state’s agency has announced an average rate increase for the 2014 work year. The New Jersey

Compensation Rating and Inspection Bureau has decided an average rate increase of 3.6% effective

January 1, 2014. Weekly benefits were also increased to $843, a $17 increase from the prior year.

New Jersey’s Compensation Rating And Inspection Bureau recently announced the state insurance

commissioner’s approval for the workers’ compensation average rate increase for next year. The state

typically raises Worker Compensation rates each year, to reflect inflation and living costs in New Jersey.

The rate increase is much less than the previous year’s increase of 8.3%, which many attributed

to the economic recovery and prior minimal rate increases. 2010 saw a rare decrease in worker’s

compensation rates, which resulted in lesser compensation to injured workers from the year before.

Contact us today for your free consultation with a NJ Workers' Compensation Attorney 800-709-1131.