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In Hawaii, rates on workers' compensation insurance are exactly the national average. They have risen steadily in recent years. Rates are up 12 percent since 2017, making Hawaii the 27th most expensive state in the country to purchase coverage. That is up from the 40th positiion just five years ago.
Hawaii 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 HI 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 Hawaii 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 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:
The workers' compensation rates listed below for Hawaii represent the current insurance rates we've found for 2020. HI rates are set by the Hawaii Insurance Division and the Department of Labor & industrial Relations. Insurance companies may be able to offer policy discounts and premium credits for coverage. We also offer Pay As You Go insurance coverage in Hawaii.
Their is no State Fund in Hawaii. However, employers who are unable to purchase workers comp from a private insurance company can always purchase coverage from Hawaii's Employer Mutual Insurance Company (HEMIC). Hawaii workers comp rates vary by wc class codes and insurance company underwriting standards. Employers' who have an Experience Modification Rate assigned to their business may have additional credits or debits applied to their insurance rates based on prior premiums and workers compensation losses.
State Resources for Hawaii
HI Dept Of Commerce
Insurance DivisionP.O. Box 3614Honolulu, HI 96811808-586-2790 http://cca.hawaii.gov/
HI Dept Of Labor and Industrial Relations
830 Punchbowl StreetHonolulu, Hawaii 96813808-586-8842 http://labor.hawaii.gov/
Hawaii 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 HI. 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 Hawaii:
Workers Compensation Info
Workers Comp Programs
National Broker Services