Workers' Compensation Rate Guide
Are you paying the lowest premium possible for your workers' compensation insurance? We can help you find out by giving you the lowest rates filed with the Department by insurance companies for your class code.
These rates form the basis for calculating your final premium and are a starting point for shopping for workers' compensation insurance. With few exceptions, the rates shown are per one hundred dollars of payroll.
Your final premium cost may depend on other factors besides these base premium rates, such as whether the insurance company will allow you additional premium credits for having a safety program or using managed care programs.
In addition, remember that there are other things to consider when shopping for insurance coverage besides cost, such as the quality of service you will likely receive from your insurance company.
Class codes can be obtained from the NCCI at 800-622-4123 or by calling the Property and Casualty Section at 573-751-3365.
- The basic rates reflect current filings by workers' compensation insurers. By law, these insurers do not have to update their filings with Insurance until 30 days after they begin charging new rates.
- In projecting premiums, consider the experience modifier that reflects claims history, credits and debits that adjust rates based on more recent safety and other changes in the company, taxes and surcharges.
- The list of companies writing this business includes some that do not actively market the product and may reject requests for quotes. Workers' compensation policies must cover all company workers through one insurer; insurers consequently file rates for some job classification codes in case an employer needs coverage for a small category of employees. They do not, however, write such business otherwise.