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The average workers' comp insurance rates in West Viginia are very low for most work comp class codes. A 2020 study indicated that WV rates are about 50% lower than the national average. West Virginia the 2nd cheapest state for workers' comp coverge in the country.
West Virginia 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 WV 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 West Virginia 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 West Virginia represent the current lowest and highest insurance rates we've found for 2023. West Virginia rates are regulated by the Insurance Commissioner for the State of West Virginia. Insurance companies may be permitted to offer premium discounts and scheduled credits on workers' compensation policies. We offer Pay As You Go workers comp coverage in West Virginia. Not all businesses will qualify for the lowest rates available or maximum policy credits. Compare your West Viginia workers' compensation with over 35 insurance companies.
West Virginia rates vary by workers' compensation class codes and insurance company underwriting standards. Employers' who have an Experience Mod Rating (EMR Rating) assigned to their business may have additional credits or debits applied to their insurance rates based on prior premiums and workers' compensation losses. West Virginia no longer has a State Fund as BrickStreet Mutual Insurance Company was converted into a competitive carrier. NCCI now handles Assigned Risk policies for West Virginia.
State Resources for West Virginia
WV Insurance Commissioner
PO Box 505401124 Smith St.Charleston, WV 25305-0540304-558-3386 http://www.wvinsurance.gov/
West Virginia State Fund
National Council on Compensation Insurance (NCCI)901 Peninsula Corporate CircleBoca Raton, FL 33487-1362800-622-4123 https://www.ncci.com/
West Virginia is under the Jurisdiction of the National Council for Compensation Insurance (NCCI). NCCI determines rates set in the state and acts as the state fund carrier.
Our agency helps employers find guaranteed state fund workers' comp in WV. 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 West Virginia:
Workers Compensation Info
Workers Comp Programs
National Broker Services