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Is Workers' Comp Required in North Carolina

North Carolina Workers Compensation Requirements

    Generally, all employers with 3 or more regular full or part-time employees are required to purchase NC workers compensation coverage. All corporations, even non-profits, are required to buy coverage if they have 3 employees, even if they are not regularly employed.

    Sole-Proprietors, Partners, and LLC Members are automatically excluded from coverage, but they can elect to be included on the insurance policy.

    Corporate Officers are included on every policy unless they specifically exclude themselves on the Acord 130 workers compensation application.

    Owners need to be very diligent with inclusion/exclusion on the Acord application and policy. Carriers will not allow changes during an workers comp audit.

Workers' Comp Exemptions in North Carolina

    Sole-Proprietors and Partners who include themselves on workers compensation coverage must use an annual payroll amount of $46,900 for rating their overall workers' compensation cost. (As of 04/01/2019)

    Corporate Officers who are not excluded from workers comp coverage must utilize a minimum payroll of $46,800 up to a maximum annual payroll wage of $93,600 in order to calculate the cost of workers comp insurance. (As of 01/01/2019)


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How is Workers Comp Calculated?

Workers' compensation is a commercial insurance product categorized as Property & Casualty insurance (P&C Insurance). Even though workers comp is calculated using estimated payroll wages and class codes, premium is still a separate business expense from the cost of payroll. Business owners may treat the cost of coverage as an expense on their taxes.

Work comp rates for all job classification codes are always expressed as a percentage of $100 in wages. An annual policy is always subject to an audit because it was based on estimated wages and not actual wages.

Here is an example using two class codes with different estimated payroll for each class code:

Class Code Insurance Companies Rate Per $100 Estimated Annual Payroll Divide Payroll by 100
8810 Clerical $0.28 base manual rate $25,000  (25000 divided by 100) 250
8835 Home Health Care $1.75 base manual rate $100,000  (100000 divided by 100) 1000

In order to calculate the cost of the policy you only need to multiply each rate with its divided payroll. It benefits employers to re-calculate their premium as their payroll becomes larger than originally anticipated.

Class Code Workers Comp Calculator Estimated Premium
8810 Clerical $0.28 X 250 $70.00
8835 Home Health Care $1.75 X 1000 $1,750.00
Workers' Compensation Laws Vary by State

Every state has their own rules for how employees must be covered and how they must be classified for rating premium. A lot of states use state specific class codes and have different requirements for who is obligated to carry workers' compensation insurance coverage.

If you have employees that travel out of state for work, or they work in multiple states throughout the year, you may need to purchase insurance for all the states where your workers are located and working. In most cases, you can add multiple states to one policy.

Workers' Compensation Insurance in North Carolina can be purchased from private insurance companies authorized by the state to provide coverage. The Assigned Risk Pool, or State Insurance Fund, is available for employers who are unable to find coverage from a private company. WorkersCompensationShop.com can help you navigate your best options.

Policy premium is based on numerous factors including: class codes assigned to your business and employees, estimated payroll, covered states, prior policies, owner experience and previous insurance claims.

Enjoy the benefits of our Pay As You Go Workers' Comp Options in North Carolina.

No Deposit or Minimum Down

We've developed Pay As You Go workers compensation programs that reduce or eliminate premium deposits and allow North Carolina employers to report and pay premium based on actual payroll wages. Protect your business from audits.

Better Monthly Payments

We've negotiated special deals with many of our insurance partners. We offer more flexible payment options, like 12 equal installments plans and monthly reporting programs, to help improve cash flow for our business owners.

Exclusive NC Programs

Companies that fit with one of our national programs typically save 15-20% on their workers compensation policies. We offer over 25 programs designed to get you the best price on coverage with minimum effort on your part.

North Carolina Workers Compensation Insurance Quotes

NC Workers' Comp Specialists

North Carolina is a Competitive Rating state, which means insurance carriers are permitted to offer scheduled premium discounts and policy credits on a workers' compensation quote. At Workers Compensation Shop.com, we work hard to find the carriers willing to compete for your insurance business.

Help with NC Class Codes

Insurance rates vary significantly between NCCI classification codes. Let our NC Workers Compensation Specialists help you determine your correct workers compensation class codes before your buy a policy. We'll help make sure your business is properly covered.

Fast Workers' Comp Quotes

We make the process of getting workers compensation quotes fast and easy. We know your time is valuable. That's why we work harder to streamline the quote process, compare your rates and coverages, and present your best options as quickly as possible. We often have your insurance quotes ready in less than 24 hours.

Compare Rates With More Carriers

We're a National Agency, and we have tons of carriers offering work comp in North Carolina. We have access to over 35 insurance companies with a diverse appetite and competitive rates. Our markets know we expect the lowest rates, bigger discounts, and more policy credits when we request a quote.

THE RIGHT QUOTE MAKES A DIFFERENCE.

A BETTER WAY TO BUY
WORKERS' COMPENSATION INSURANCE
Did you know that the cost of a workers comp policy in North Carolina can vary significantly between insurance company, underwriter, and insurance agency?
Find the best deal on workers compensation insurance.
Visit NCCI for more resources and information about workers' compensation class codes. Visit United States Department of Labor for more information about government agencies managing workers compensation insurance rates.

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