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Massachusetts ranks as the 4th in the nation for affordable worker’s compensation premium rates, according to a recent study completed by the Department of Consumer Business & Services. This makes Massachusetts one of the least expensive states in the nation for workers’ compensation coverage. It also represents a slight rate decrease over the same study conducted in 2018, where Massachusetts ranked 47th. Massachusetts workers' comp rates are approximately 27% below the national median.
While Massachusetts enjoys the benefit of low workers' comp rates, many employers are still paying more for their workers' compensation insurance because they have not shopped coveraage in years. Insurance companies tend to offer lower work comp rates for new business than they do on existing renewal policies.
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:
Massachusetts rates are established by the Workers Compensation Rating and Inspection Bureau. MA is not a competitive rating state so rates are set by the state. The workers' compensation rates listed below for Massachusetts represent the current insurance rates for 2019. Insurance companies may be able to offer discounts and credits on workers comp policies. We offer Pay As You Go insurance coverage in Massachusetts. Not all employers will qualify for the lowest rates available or maximum policy credits. We compare rates with dozens of insurance companies doing business in Massachusetts so your business finds the lowest rates for coverage.
Massachusetts workers comp rates vary by industry classification codes and insurance company underwriting standards. Employers' who have an Experience Mod Factor (E-Mod) assigned to their business may have additional credits or debits applied to their insurance rates based on prior premiums and workers compensation losses. There is no State Fund program in MA, but assigned risk insurance for companies unable to find private insurance is managed by the Workers Compensation Rating and Inspection Bureau.
State Resources for Massachusetts
Massachusetts Division Of Insurance
One South Station, 5th FloorBoston, MO 02110-2208617-521-7794 Consumer Affairs and Business Regulation
Workers Compensation Rating and Inspection Bureau
101 Arch StreetBoston, MA 02110617-439-9030 Workers Compensation Rating and Inspection Bureau of Massachusetts
Massachusetts is not under the jurisdiction of the National Council for Compensation Insurance (NCCI). The state has its own independent bureau known as the Workers Compensation Rating and Inspection Bureau of Massachusetts.
Our agency helps employers find affordable private insurance coverage as well as Assigned Risk coverage with WCRIB.
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Get more information about workers' compensation in Massachusetts:
Workers Compensation Info
Workers Comp Programs
National Broker Services