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Alabama currently ranks number 29 for the highest workers’ compensation rates in the nation, according to a recent study completed by the Department of Consumer Business and Services. The study shows improvement from a 2018 study where Alabama ranked as the 21st most expensive rates overall. Alabama rates are averaging about 3% lower than the national median.
Alabama is an NCCI state like most other states. This means that NCCI oversees employers' experience modifiers and collects all data for the state including claims, class codes, premiums, and payroll. They analyze this data and make annual recommendations to carriers and to the Alabama Department of Insurance. Every Insurance company is required to file their rates with the state for approval.
Workers' compensation rates may still vary for the same class codes in Alabama because insurance companies can apply policy credits and debits up to 25% to adjust their filed rates. More discounts may also be added to a policy depending on the size of payroll and the overall claims experience.
Don't get stuck paying too much for your workers' comp coverage. Our agents know how to get you the lowest rates for your business. Call us today to find out how knowledegable agents, expert advice and more choices lead to the best workers' comp quote.
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What influences my workers comp insurance cost?
Insurance companies file their "base manual rates" for approval with each state for all class codes. Rate recommendations are generally made to the state and carriers annually by the
National Council on Compensation Insurance.
Employee claims are reported to NCCI and statistically compared with all other
similar type businesses using the same class code in each state. An
Experience Modification Rate may apply to your business after a few years of coverage.
Insurance company underwriters are permitted to make premium rate adjustments based
on unique factors about your business, safety practices, and management
experience in most states.
Insurance companies may apply policy credits and debits to the base
manual rates. Additional discounts can be applied to premium as the total payroll &
Smart Agents with expertise in workers' compensation insurance utilize this information to negotiate your insurance rates with underwriters. A good narrative about your business helps
insurance companies justify a better price.
We Track and Monitor Filed Rates for Most State Class Codes. Select Codes Listed:
Alabama workers' compensation rates listed below represent the current insurance rates effective as of 3/1/20. New Alabama rates are proposed each year by NCCI and then approved by the Department of Insurance Alabama. Insurance companies are able to offer additional premium discounts and scheduled credits for workers comp policies. We also offer Pay As You Go Workers' Comp coverage in Alabama.
Alabama workers' compensation rates vary by class code and insurance company underwriting standards. Employers' who have an Experience Modification Factor assigned to their business may have additional credits or debits applied to their insurance rates based on prior premium and workers compensation losses.
State Resources for Alabama
Alabama Department Of Industrial Relations
649 Monroe Street Montgomery, Alabama 36131573-751-4126 http://www.dir.alabama.gov/wc/
Alabama is under the Jurisdiction of the National Council for Compensation Insurance. They currently contract with Travelers as the State Fund insurance carrier.
Our agency helps employers find guaranteed state fund insurance in AL, if we can't find coverage with a private insurance provider.
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Get more information about workers' compensation in Alabama:
Workers Compensation Info
Workers Comp Programs
National Broker Services