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Over the past two years, the average ranking for Georgia's median workers comp rates compared to the rest of the country improved from the 27th spot to the 32nd spot. Rates in Georgia are about 95% of the median national average rates according to a recent study by the Department of Consumer and Business Services.
Workers compensation reform passed in 2013 appears to be having a positive impact on the cost of workers compensation in Georgia. The reform bill placed a 400-week medical cap on medical benefits that were not classified as a catastrophic injury. Ultimately, this has driven the average cost of a claim down.
Georgia 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 Georgia 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 GA 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 we've listed below for Georgia represent the most current insurance rates for 2020. Gerogia rates are regulated by the Georgia State Board of Workers' Compensation. Insurance companies may be able to offer discounts and credits on workers comp coverage. We also offer Pay As You Go insurance coverage in Georgia.
Georgia utilizes NCCI for its state rating bureau and for administering the Georgia workers' compensation Assigned Risk Plan (i.e. State Fund). Gerogia workers comp rates vary by NCCI classification codes and insurance company underwriting standards. Employers' who have an Experience Modification Factor or, E-Mod, 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 Georgia
Georgia Department Of Insurance
Two Martin Luther King Jr. Drive SE 716 West TowerAtlanta, GA 30334800-656-2298 GA Dept. of Insurance
State Board of Workers Compensation
270 Peachtree Street, NW Atlanta, Georgia 30303-1299800-533-0682 GA State Board of Workers Comp
Georgia is under the Jurisdiction of the National Council for Compensation Insurance (NCCI) and contracts with NCCI to administer their State Fund and Assigned Risk programs.
Our agency helps employers find guaranteed state fund workers' comp in GA. If we can't find lower cost coverage with a private insurance provider at lower rates we can help business owner purchase a state fund policy.
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Get more information about workers' compensation in Georgia:
Workers Compensation Info
Workers Comp Programs
National Broker Services