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Oklahoma has consistently ranked as one of the more expensive states for workers' compensation insurance, according to studies conducted by the OR Department of Consumer and Business Services. Oklahoma rates have recently been gaining ground on other states as it currently ranks 17th. The last study, conducted in 2022, indicated that average rates on studied class codes were about 11% higher than the national median rates.
Oklahoma is an NCCI state like most other states. This means that NCCI issues employers' experience modification factors 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 OK Department of Insurance. Every Insurance company is required to file their rates with the state for approval each year.
Workers' compensation rates still vary for the same class codes in Oklahoma 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 Oklahoma represent the current low and high workers' comp rates we'v found in 2023. Oklahoma rates are regulated by the Oklahoma Workers' Compensation Court. Insurance companies are permitted to file their own rates in the Oklahoma, subject to approval. Carriers may offer policy discounts and scheduled credits up to 25% on an insurance policy. We offer Pay As You Go workers' comp coverage in Oklahoma. Not all employers will qualify for the lowest rates available or maximum policy credits. Our agency helps business owners buy workers compensation coverage at the lowest rates.
Oklahoma rates vary by workers comp classification codes and insurance company underwriting procedures. Employers' who have an Experience ModRatingr (E-MOD) assigned to their business may have additional credits or debits applied to their insurance rates based on their prior premiums and workers compensation losses. CompSource is the State Fund in Oklahoma. Employers who are unable to purchase coverage from a private carrier may buy a policy through CompSource.
State Resources for Oklahoma
Oklahoma Workers' Compensation Court
1915 N Stiles AvenueOklahoma City, OK, 73105800-522-8210 OK Workers Comp Court
1901 N. Walnut AvenueOklahoma City, OK 73105800-347-3863 CompSource Oklahoma
Oklahoma is under the Jurisdiction of the National Council for Compensation Insurance (NCCI).
Our agency helps employers find guaranteed state fund workers' comp in OK. If we can't find cheaper coverage with a private insurance provider, we can help you purchase a state fund policy.
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Get more information about workers' compensation in Oklahoma:
Workers Compensation Info
Workers Comp Programs
National Broker Services