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Workers Comp Rates in South Carolina are a little higher than the national average. Overall. rates are about 6% higher than the average rates for all states. There are a lot of insurance companies competing for business in South Carolina, which is good for business owners.
South Carolina is an NCCI state like most other states. 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 SC 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 South 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 for South Carolina represent the lowest and highest insurance rates we've found for 2023. South Carolina rates are regulated by the South Carolina Workers' Compensation Commission. Insurance companies are allowed to offer discounts and policy credits up to 25% on workers' comp coverage in the state. We offer Pay As You Go workers' comp insurance in South Carolina. Not all employers will qualify for the lowest rates available or maximum policy credits. We shop rates with more carriers so business owners get the best price on their policy.
South Carolina workers' comp rates vary by NCCI industry class codes and insurance company underwriting standards. Employers' who have an Experience Modification Rating 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 South Carolina. Assigned risk polices are administered with various insurance carriers via NCCI.
State Resources for South Carolina
South Carolina Workers' Compensation Commission
P.O. Box 17151612 Marion StreetColumbia, SC 29202-1715(803)737-5700 http://www.wcc.sc.gov/Pages/default.asp
South Carolina Department Of Insurance
PO Box 100105Columbia, SC 292021201 Main St. Suite 1000Columbia, SC 29201(803)737-6160 http://www.doi.sc.gov/
South Carolina is under the Jurisdiction of the National Council for Compensation Insurance (NCCI) and contracts with Travelers as the state fund carrier.
Our agency helps employers find guaranteed state fund workers' comp in SC. If we can't find more affordable coverage with a private insurance company, we can help you buy a state fund policy.
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Get more information about workers' compensation in South Carolina:
Workers Compensation Info
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