Photo courtesy of Michelllaurence/Flickr

Montana state fund has announced that it will be reducing the rates it charges for workers' compensation.

"We have about 26,000 customers throughout Montana and they pay workers' compensation premiums of course for on-the-job injuries that occur in their work places," said Montana State Fund President and CEO Laurence Hubbard. "We charge rates for that workers' compensation coverage and beginning July 1, 2013, our board of directors has just announced a six percent decrease."

This is the fifth rate decrease in recent years, Hubbard explained why the rates keep dropping.

"Rate reductions over the last several years have been an indication in large due part to increased safety in the workplace," Hubbard said. "Accident frequency on-the-job is decreasing and we're picking that up in our indications, in our rates, and that's why we're able to deliver rate decreases."

Since 2007 average rates for worker's compensation insurance have dropped in Montana by 34.5 percent.

Montana State Fund President and CEO Laurence Hubbard