January 12, 2018
Contractors with Apprentices Eligible for Savings on Worker's Compensation Premiums
Employers with apprentices may receive as much as 2 percent credit – or up to $2,500 – on their Worker’s Compensation Premiums, effective Oct. 1, 2018.
John J. Schulze
Effective for new and renewed Worker’s Compensation policies with effective dates of Oct. 1, 2018, or later, the State of Wisconsin has approved a 2-percent premium credit (up to $2,500) on an employer’s Workers’ Compensation premium if they employ an apprentice through Wisconsin’s Bureau of Apprenticeship Standards.
The Wisconsin Apprenticeship Credit Program, proposed by the Wisconsin Compensation Rating Bureau (WCRB), was approved by the Office of the Commissioner of Insurance on Sept. 28, 2017.
This savings does not apply to minimum premium policies and cannot reduce premiums lower than the applicable minimum premium.
The credit is applied to the employer's policy pro rata as of the date the carrier receives the copy of the executed contacted, and cannot be applied retroactively to expired policies. It is applied to total modified premium after the application of any experience rating modification and before the application of any premium discount and the expense constant.
The credit will not apply to policies applicable or expired prior to Oct. 1, 2018. Also, if an employer becomes ineligible for the credit at audit, any credit applied at the inception of the current policy will be removed.
To receive the credit:
- Notify your workers' compensation carrier of your eligibility and request the credit.
- Provide your carrier with copy of the fully executed apprentice contract for each apprentice.
- Meet all provisions required in the apprentice contract and the apprentice program.
- Provide documentation of participation in the program for at least six months per policy year.
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