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Michigan is a unique state because the state allows insurance companies to set their own rates for each workers compensation class code. Most other states set the rates and allow adjustments via underwriting credits and debits. Michigan has allowed this open competition system since 1983 and it has proven to work well.
Average workers compensation rates in Michigan are about 9% below the median rates for the United States. This means that employers in Michigan are paying less premium for the same class codes as employers in 35 other states.
The downside of Michigan's competitive rating system is that rates can vary significantly between insurance companies. Employers are advised to shop multiple carriers to help ensure they are getting a good deal on their policy.
Don't pay too much for your workers' comp coverage. Our agents will find your best deal. Our technology tracks carrier rates by state and compares their pricing in real-time. Find out how knowledegeable agents, better advice and more options lead to lower rates and a better price.
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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:
Michigan is not an NCCI state. All rates are administered by the Compensation Advisory Organization of Michigan (CAOM). The workers' compensation rates listed below for Michigan represent current insurance rates found for 2022. Private insurance companies are permitted to offer policy discounts and underwriting credits on coverage. We offer Pay As You Go workers' comp in Michigan. Not all employers will qualify for the lowest rates available or maximum policy credits.
Workers comp rates vary by industry classification codes and insurance company underwriting standards in Michigan. Employers' who have an Experience Modification Rate (E-mod) assigned to their company may have additional credits or debits applied to their insurance rates based on prior premiums and workers' compensation loss experience. There is a competitive State Fund in Michigan: The Michigan Workers' Compensation Placement Facility.Get a free insurance quote or get help find multi-state workers compensation.
State Resources for Michigan
Michigan Workers' Compensation Agency
State Secondary ComplexGeneral Office Building7150 Harris Drive, 1st FloorDimondale, Michigan 48821888-396-5041 MI Workers' Compensation Agency
Compensation Advisory Organization of Michigan
17197 N Laurel Park Dr., Suite 311Livonia, MI 48152phone Compensation Advisory Organization of Michigan
Michigan is not under the Jurisdiction of the National Council for Compensation Insurance (NCCI). The state has its own rating bureau managed by the Compensation Advisory Organization of Michigan (CAOM).
Our agency can help employers find more affordable workers' compensation insurance than the guaranteed state fund workers' comp in MI. If we can't find more affordable coverage with a private insurance company, we can help you buy a state fund policy through the Michigan Workers' Compensation Placement Facility.
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Get more information about workers' compensation in Michigan:
Workers Compensation Info
Workers Comp Programs
National Broker Services