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Workers' Compensation rates for the state of Iowa are roughly 20% higher than the national average. Iowa has had stable or decreasing state for nearly a decade now, but rates have started to increase.
Iowa is an NCCI state like most other states. This means that NCCI administers 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 Iowa Department of Insurance. Every Insurance company is required to file their rates with the state for approval each year.
Workers' compensation rates will vary for the same class codes in Iowa 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 pay too much for your workers' comp coverage in Iowa. Our agents know how to negotiate the lowest rates for your workers' comp coverage. Find out how our knowledegeable agents, expert advice and more choices lead to the best workers' comp rates.
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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.
Rates for State Class Codes. Select Codes Listed:
The workers' compensation rates listed below represent the current insurance rates we have found in Iowa for 2023. Iowa rates are set by the Iowa Division of Workers' Compensation. Insurance companies may be able to offer policy discounts and credits up to 25% on policies. We offer Pay As You Go workers' comp insurance coverage in Iowa. Not all employers will qualify for the lowest rates available or maximum policy credits.
There is not a State Fund in Iowa. Instead, all Assigned Risk policies are administered by NCCI (National Council on Compensation Insurance). Iowa workers comp rates vary by NCCI class codes and insurance company underwriting standards. Employers' who have an Experience Modification Rate (EMR) 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 Iowa
Iowa Division of Workers' Compensation
1000 East Grand AvenueDes Moines, IA 50319515-281-5387 www.iowaworkforcedevelopment.gov/
Iowa Insurance Division
601 Locust St., 4th FloorDes Moines, IA 50309-3738515-281-5705 http://www.iid.state.ia.us/
Iowa is under the Jurisdiction of the National Council for Compensation Insurance (NCCI) and contracts with Travelers as the state fund insurance carrier.
Our agency helps employers find state fund workers' comp in IA. 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 Iowa:
Workers Compensation Info
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