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New Jersey workers' compensation average rates currently rank as the highest in the country, according to a 2022 study. The state was up four spots compared to a similar study conducted in 2018. NJ rates are approximately 92% higher than the median rates in the country. NJ rates are shaping up to remain level in 2023.
The NJ Department of Labor and Workforce Development indicates that more than 35,000 new workers' compensation claims were filed during 2021. A high number of claims coupled with higher medical costs and average employee wages may become a driving force behind higher workers' comp rates for New Jersey employers.
New Jersey is not a true competitive rating state. All base manual rates are determined and mandated by the NJ Division of Workers' Compensation. These rates are revised each calendar year.
Workers' compensation rates vary in New Jersey because insurance companies can apply policy credits and debits up to 15% to adjust their rates and premium. Don't get stuck paying too much for your workers' comp insurance. Our agents know how to get the lowest rates for your business. Call 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.
Rates for State Class Codes. Select Codes Listed:
The workers' compensation rates listed below for New Jersey represent the current insurance rates we've found for 2023. All workers' compensation rates in New Jersey are set by NJCRIB and all insurance carriers are required to utilize these base manual rates for the purpose of pricing and rating coverage. New Jersey regulations does allow insurance companies to utilize experience modifiers and to offer premium credits and debits on workers' comp policies. We help NJ employers find the lowest work comp rates.
New Jersey workers' comp rates can vary significantly by workers comp classification codes, each employers' experience modification rate (EMOD) and underwriting credits and debits. Even though insurance rates are set by the state of New Jersey each calendar year, the cost of workers' comp coverage may vary between companies within the same industry. Shop your rates to find insurance companies who are willing to compete for your particular class codes and industry type.
State Resources for New Jersey
New Jersey Department Of Insurance
20 West State StreetTrenton, NJ 08625609-292-5360 NJ Department of Insurance
NJ Compensation Rating and Inspection Bureau
60 Park PlaceNewark, NJ 07102973-622-6014 NJCRIB
NJ Division of Workers' Compensation
PO Box 381Trenton, New Jersey, 08625-0381609-292-2515 NJ Division of Workers Compensation
New Jersey Compensation Rating and Inspection Bureau is responsible for establishing and administering premium rates and regulations for the state.
NJCRIB also manages their own State Fund and Assigned Risk programs for employers who are unable to purchase workers comp insurance from a private insurance carrier.
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Get more information about workers' compensation in New Jersey:
Workers Compensation Info
Workers Comp Programs
National Broker Services