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North Carolina ranks near the middle of the national average. A 2022 study ranked NC as the 30th highest average premium rates across the United States. NC rates are approximately 9% lower than the national average. A similar study done in 2020 ranked the state 31st regarding average rates for worker's comp costs. North Carolina's median rates are currently better than par with regard to the average rates in the U.S.
North Carolina 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 NC Department of Insurance. Every Insurance company is required to file their rates with the state for approval each year.
Workers' compensation rates will vary for the same class codes in North Carolina 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. 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:
The workers' compensation rates listed below for North Carolina represent the current high and low insurance rates for 2023. North Carolina is a competitive rating state, but not under the jurisdiction of NCCI. Rates are set by the North Carolina Industrial Commission. Private insurance companies are allowed to offer premium discounts and workers comp credits up to 25% on policies. We offer Pay As You Go workers' comp in North Carolina. Not all employers will qualify for the lowest rates available or maximum policy credits. We shop rates with more carriers so our customers get the best price.
North Carolina rates vary by workers' compensation classification codes and insurance company underwriting standards. Employers' who have an Experience Modification Factor (E-MOD) assigned to their business may have additional credits or debits applied to their insurance rates based on prior premiums and workers' compensation loss experience. There is no State Fund in North Carolina. Assigned Risk policies are available for employers that are unable to find private insurance through the North Carolina Rate Bureau.
State Resources for North Carolina
North Carolina Rate Bureau
2910 Summer BlvdRaleigh, NC 27616919-582-1056 NRCB.org
North Carolina Industrial Commission
430 N Salisbury StreetRaleigh, NC 27603-5926919-807-2500 NC Industrial Commission
North Carolina is under the Jurisdiction of the National Council for Compensation Insurance (NCCI). While there is not State Fund in NC, all Assigned Risk coverage is managed by the North Carolina Rate Bureau.
Our agency helps employers find guaranteed state fund workers' comp in NC. If we can't find more affordable coverage with a private insurance company, we can help your business get a state fund quote.
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Get more information about workers' compensation in North Carolina:
Workers Compensation Info
Workers Comp Programs
National Broker Services