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Last year, the average rates workers' compensation insurance in New Hampshire were 9 percent higher than the national average. The average rate has risen about 10 percent since 2018. New Hampshire employers have historically had very affordable workers' comp insurance rates compared to most other parts of the country. Rates in NH appear to be more competitive this year for most small businesses.
New Hampshire is an NCCI state like most other states. This means that NCCI manages 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 NH 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 New Hampsire 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 Nwe Hampshire. 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.
Ask about our Pay As You Go plans designed to improve cashflow and bullet-proof your audits.
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 & premium increases.
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 New Hampshire workers' compensation rates listed below represent the current low and high insurance rates for we've found for 2024. New Hampshire is a competitive rating state and rates are regulated by the NH Workers' Compensation Division with oversight from the New Hampshire Department of Labor. Insurance companies may be offer discounts and credits to policies. We offer Pay As You Go workers' comp coverage in New Hampshire. Not all employers will qualify for the lowest rates available or maximum policy credits. We shop rates with more carriers so business owners find the lowest rates for coverage.
New Hampshire workers comp rates vary by industry classification codes and insurance company underwriting standards. Employers' who have an Experience Modification Factor (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 not a State Fund in New Hampshire. Assigned Risk policies are underwritten by NCCI. We are appointed to sell NCCI coverage if needed.
State Resources for New Hampshire
NH Dept. of Labor
Workers' Compensation Division 95 Pleasant StreetConcord, NH 03301603-271-2042 www.nh.gov/
National Council on Compensation Insurance (NCCI)
901 Peninsula Corporate CircleBoca Raton, FL 33487-1362800-622-4123 www.ncci.com/
New Hampshire is under the Jurisdiction of the National Council for Compensation Insurance (NCCI) and contracts with NCCI as the assigned risk administrator.
Our agency helps employers find guaranteed state fund workers' comp in NH. 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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