The Department of Consumer and Business Services from the state of Oregon publicized its “2006 Oregon Workers’ Compensation Premium Rate Ranking Summary”. The publication compares the premium rates for workers’ compensation amongst all 51 jurisdictions (the 50 states plus the District of Columbia) in the United States. Iowa has one of the lowest rates for workers’ compensation premium, only six other states have a lower workers’ compensation premium rate than the state of Iowa. Iowa’s premium rates were also found to be lower than all states who border Iowa. Iowa’s has improved its ranking to 45th lowest premium rates from 43rd lowest two years ago. Iowa’s premium rate for workers’ compensation coverage is $1.75 per $100.00 of payroll.
“I am pleased to report that Iowa employers continue to see improvement in the workers’ compensation premium rates, especially as compared to our neighboring states,” indicated Interim Workers’ Compensation Commissioner Chris J. Godfrey, “businesses have every incentive to locate or expand in Iowa when they consider the low cost of workers’ compensation insurance in our state. Our premium rates are consistently amongst the lowest in the nation and Iowa’s rates are lower than our bordering states which is important to retaining and attracting new businesses.”
The workers’ compensation system in Iowa provides a fair and unbiased system for adjudicating disputed claims, enforcing compliance standards and educating Iowans and businesses about workers’ compensation laws and procedures. “Iowa has a proud tradition of protecting injured workers’ with a quality workers’ compensation system. It is encouraging that our workers’ compensation system protects injured workers while maintaining some of the lowest premiums in the nation. Iowans can be very proud of their workers’ compensation system,” stated Interim Commissioner Godfrey.