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North Carolina ranks near the middle of the national average. A 2018 study ranks NC as the 23 highest in premium rates across the United States making their average rates 4% higher than the national average. A similar study done in 2016 ranked the state as 27th for average rates. North Carolina's median rates are currently on par with the average rates in the U.S.
North Carolina 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 NC 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 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 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 knowledegable 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 North Carolina represent the current insurance rates for 2020. 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 all 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 in North Carolina 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 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