Is your business covered for 2013?
State workers’ compensation regulatory bodies are settling on insurance rates for 2013. Of those recommending statewide changes, most employers will see increases in the single digits.
Rising medical costs is one factor being cited. The still-recovering investment market, another source of income for insurance carriers, is another contributor. Learn more about work comp rates.
The following states will increase rates in 2013*:
California is already among the highest premiums in the U.S.; the state ranked third in 2012 at $2.92 per $100 of payroll. Alaska held the number one spot at $3.01 per $100, and the national median is $1.88 per $100. Get a Quote Before Rates Increase
The following states will decrease rates in 2013*:
Updated on January 8: Delaware businesses will see an average increase of 14.6% in workers' compensation rates.
Updated on February 12: Connecticut, Oregon and Nevada businesses will see slightly higher workers' compensation premiums. West Virginia's rates are decreasing 9% in 2013.
Updated on February 15: Michigan businesses will see an average decrease of 7.2% in 2013 rates.
The following are base rate states; state law mandates rate changes across insurance providers. Instead of price shopping, buyers should look for an agent that provides the highest quality convenience and service.
The following states have no statewide rate changes for 2013 and are monopolistic. To purchase workers’ compensation, you must contact your state's work comp bureau:
The following states have not announced a statewide change, but check with your agent to see if individual insurance carriers are adjusting their rates:
Learn more about work comp in your state.
Get a quote on workers’ compensation.
*Recommendation. The state rating bureau evaluates the amount collected in premium versus the amount paid out in claims and makes a rate recommendation for the following year. Individual insurance carriers can choose to follow suit or set their own rates in order to be more competitive.