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Workers' compensation insurance rates in Arkansas are some of the least expensive in the nation. On average, they are 42 percent lower than the rest of the country. Employers have benefited from overall rate declines for the past 7 years. Many experts are expecting rates to increase slightly in 2021.
Arkanssa 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 AR Department of Insurance. Every Insurance company is required to file their rates with the state for approval each year.
Workers' compensation rates may still vary for the same class codes in Arkansas 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 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 knowledegeable 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:
The workers' compensation rates listed below for Arkansas represent the current insurance rates for 2020. Arkansas insurance rates are regulated by the Arkansas Insurance Department and the AR Workers' Compensation Commission. Insurance companies may be able to offer discounts and credits on workers comp coverage. We also offer Pay As You Go insurance coverage in Arkansas. Not all employers will qualify for the lowest rates or maximum policy credits. Our agency helps Arkansas employers buy workers' compensation coverage at the lowest rates available.
NCCI helps administer workers compensation in Arkansas. They also manage the State Fund via the National Workers Compensation Reinsurance Pool. Arkansas workers comp rates vary by industry class codes 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 premiums and workers compensation loss experience.
State Resources for Arkansas
Arkansas Insurance Department
1200 W. Third StreetLittle Rock, AR 77201800-282-9134 http://insurance.arkansas.gov/
Arkansas Workers' Compensation Commission
PO Box 950Little Rock, Arkansas 72203-0950800-622-4472 http://www.awcc.state.ar.us/
Arkansas is under the Jurisdiction of the National Council for Compensation Insurance (NCCI) and contracts with Travelers as the state fund carrier.
Our agency helps employers find guaranteed state fund workers' comp in AR. If we can't find more affordable coverage with a private insurance company, we can help you buy a state fund policy.
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Get more information about workers' compensation in Arkansas:
Workers Compensation Info
Workers Comp Programs
National Broker Services