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Workers' compensation rates in Wisconsin are about average compared to the rest of the United States. Rates have been trending down for the past few years, but WI work comp rates are expected to take a slight increase over 2020. There are currently over 300 insurance companies approved to sell workers' comp in Wisonsin, making it a very competitive state.
Wisconsin is not an NCCI state like most other states. This means that NCCI does not oversees employers' experience modifiers or collects data for the state including claims, class codes, premiums, and payroll. Rates in Wisconsin are regulated by Wisconsin Compensation Rating Bureau.
Workers' compensation rates will still vary for the same class codes in Wisconsin 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 knowledegeable 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:
Wisconsin is not an NCCI state and rates are not made public by the state. Workers Compensation rates in Wisconsin are regulated by The Wisconsin Compensation Rating Bureau and the Department of Workforce Development. Private insurance companies are allowed to offer workers compensation insurance in the state and these carriers may also offer premium discounts and scheduled credits on workers comp policies.These rates are effective for 2020.
There is not a State Fund program in Wisconsin. However, The Workers Compensation Rating Bureau administers all Assigned Risk policies in the state. Employers who are not able to find more affordable coverage with a private insurance company can purchase coverage through WCRB as a last resort. Rates vary by workers comp class codes and underwriting guidelines set by insurance providers. Get quotes for Wisconsiin or shop for out-of-state workers compensation insurance coverage today.
State Resources for Wisconsin
Wisconsin Department of Workforce Development
Workers' Compensation DivisionP.O. Box 7901Madison, WI 53707-7946608-266-1340 https://dwd.wisconsin.gov/
Wisconsin Compensation Rating Bureau
P.O. Box 3080Milwaukee, Wisconsin 53201-3080262-796-4540 https://www.wcrb.org/WCRB/wcrbhome.htm
Wisconsin 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 WI. 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 Wisconsin:
Workers Compensation Info
Workers Comp Programs
National Broker Services