Understanding Workers’ Comp Rates – Updated 2023

Obtenga una excelente cobertura en minutos
Solo debe hacer unos cuantos clics.

Workers’ Compensation Rates

Workers’ Compensation Rates Whether you own a small, medium or large business, it’s likely you’ll need el seguro de compensación para trabajadores if you have employees. Workers’ compensation rates for this type of insurance, commonly known as workers’ comp insurance, can change each year and have an impact on your business’ finances.
If your employees get hurt or sick from their job, workers’ compensation benefits can help cover:
  • Medical bills
  • Lost wages
  • Disability payments
  • Funeral expenses if they lose their life in a workplace accident
And, if your employee or their family sues you, workers’ comp can help cover your business’ legal costs.

How Are Workers’ Comp Rates Calculated?

We know workers’ comp can seem complex. You may be wondering, “How is workers’ comp calculated?” But don’t worry. We’re here to help you understand what goes into your workers’ comp rate. 
Insurance companies calculate your rate by looking at several factors, including:
Workers’ compensation class codes: These codes are assigned by the National Council on Compensation Insurance (NCCI) or your state. Each employee gets a unique code based on the type of work they do. You can use this classification system to calculate your workers’ compensation rates.
Payroll: As a business owner, you’ll need a certain amount of workers’ comp insurance based on every $100 of payroll.
Experience modification number: This number takes into account your business’ experience and loss history. The safer your business, the lower your experience modification number. These numbers are subject to state requirements and not every policy may have one.
The best way to find the right coverage at the right price for your business is to get a quote from more than one insurance company. You can also work with insurance agents to get the pricing you need. From there, you can compare insurance premiums. To get started, obtener una cotización from us today.

Workers’ Comp Rates by State

Workers’ compensation rates can vary greatly from state to state. For example, rates in Oregon are expected to drop in 2023 for the tenth-straight year.1 On average, employers will pay .93 cents per $100 of payroll for workers’ comp in 2023. This is down from .97 cents in 2022.2 Aside from California, where the average premium in 2022 was $1.45 per $100 of payroll.3
Differences in each state’s rates have to do with a number of factors. Workers’ comp laws, for example, can impact which businesses need insurance and how much coverage they have to carry. Each state may also have a medical fee schedule, which details costs for workers’ comp treatments. If the medical costs are higher, it can increase the workers’ comp rate in that state.
How you get workers’ comp insurance can also affect rates. Being able to shop around for quotes means you can get coverage at the right price for your business. But in some states, like Dakota del Norte, businesses have to get coverage through state fund workers’ comp. That means these companies pay whatever rates their state sets for workers’ comp.

Highest Workers’ Comp Rates

Generally, the higher-risk a job is, the more it’ll cost for workers’ compensation insurance. Some high-risk jobs include:4
Don’t forget, workers’ compensation class codes are only one factor in a workers’ compensation rate. So, your business’ specific cost can change depending on other factors.

2023 Workers’ Comp Rates Trends

Workers’ comp rates in 2022 were mixed. But workers’ compensation trends in many states show workers’ compensation costs decreasing in 2023. To learn more and see what your premium will be, get a workers’ compensation quote  hoy mismo.  
Last Updated: February 2, 2023
1 State of Oregon, “Oregon Workers’ Compensation Costs”
2 Insurance Journal, “Oregon Workers’ Comp Costs to Drop for 10th Year”
3 Insurance Journal, “California Insurance Commissioner Leaves Workers’ Comp Benchmark Rate”
4 USA Today, “The Most Dangerous Jobs in the U.S. Include Electricians, Firefighters and Police Officers”
Divulgaciones adicionales a continuación.
The Hartford no será responsable de ningún daño relacionado con el uso de la información proporcionada en esta página. Consulte con su agente/corredor de seguros o compañía de seguros para determinar las necesidades específicas de cobertura, ya que el contenido publicado aquí se ofrece con fines informativos solamente.
La información contenida en esta página no debe interpretarse como asesoramiento legal, de Recursos Humanos, financiero o de seguros específico, y no es una garantía de cobertura. En el caso de una pérdida o reclamación, las determinaciones de cobertura estarán sujetas al lenguaje de la póliza, y cualquier pago de reclamación posible se determinará luego de que se investigue la reclamación.
Ciertas coberturas varían según el estado y es posible que no estén disponibles para todas las empresas. All Hartford coverages and services described on this page may be offered by one or more of the property and casualty insurance company subsidiaries of The Hartford Financial Services Group, Inc. listed in the Aviso legal.
The Hartford Financial Services Group, Inc., (NYSE: HIG) operates through its subsidiaries under the brand name, The Hartford, and is headquartered in Hartford, CT. For additional details, please read The Hartford’s Legal Notice.
* Los comentarios de los clientes son recolectados y tabulados por The Hartford y no representan a todos los clientes.