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In Montana, rates for workers compensation coverage are more expensive than the national average. As of the end of 2019, average rates were 19 percent higher than the rest of the country. Rates had been on a steady decline over the past 5 years. Rates are expected to decrease slightly in 2020.
Montana 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 MT 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 Montana 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 Montana represent the current insurance rates for 2020. Montana rates are administered by the Workers' Compensation Regulation Bureau and the Montana Department of Labor and Industry. Insurance companies are able to offer discounts and credits on each workers comp policy. We also offer Pay As You Go work comp coverage in Montana. Not all employers will qualify for the lowest rates available or maximum policy credits. We help employers compare rates with 35 insurance companies so they get the best deal on their coverage.
Montana rates vary by workers compensation classification codes and insurance company underwriting guidelines. Employers' who have an Experience Modifier (E-MOD) assigned to their business may have additional credits or debits applied to their insurance rates based on prior premiums and workers comp loss experiences. The State Fund in Montana is the Montana State Fund.
State Resources for Montana
MT Dept. of Labor and Industry
P.O. Box 8011Helena, MT 59624-8011406-444-6532 http://dli.mt.gov/
MT Work Comp Regulation Bureau
P.O. Box 8011 1805 Prospect AvenueHelena, MT 59624-8011406-444-6541 http://erd.dli.mt.gov/
Montana is under the Jurisdiction of the National Council for Compensation Insurance (NCCI) and contracts with the Montana State Fund for assigmed risk coverage.
Our agency helps employers find guaranteed state fund workers' comp in MT. 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 Montana:
Workers Compensation Info
Workers Comp Programs
National Broker Services