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In Kentucky, rates for workers' compensation insurance are very good despite the slight increase expected for 2020. On average, they were 18 percent better than the average rates for the rest of the country.
Kentucky 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 Kentucky 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 Kentucky 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 Kentucky represent the lowest and highest insurance rates we've found for 2020. Kentucky rates are set by the KY Department of Workers' Claims. Insurance companies may be able to offer policy discounts and premium credits up to 25% on a work comp policy. We offer Pay As You Go coverage in Kentucky. Not all employers will qualify for the lowest rates available or maximum policy credits. We shop your rates with numerous carriers to ensure you get the best deal.
Kentucky rates vary by workers compensation class codes and insurance company underwriting guidelines. Employers' who have an Experience Modification Factor (XMod) assigned to their business may be subject to additional credits or debits applied to their insurance rates based on prior premiums and any workers compensation losses. The Kentucky Employers' Mutual Insurance Authority is the State Fund for the state.
State Resources for Kentucky
Kentucky Department of Workers' Claims
657 Chamberlin AvenueFrankfort, KY 40601502-564-5550 http://www.labor.ky.gov/workersclaims/
Kentucky Department Of Insurance
P.O. Box 517Frankfort, Kentucky 40602-0517502-564-3630 http://insurance.ky.gov/
Kentucky 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 KY. 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 Kentucky:
Workers Compensation Info
Workers Comp Programs
National Broker Services