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Workers' compensation rates in Wisconsin are fairly high compared to the rest of the United States. Rates are averaging about 32% higher based on a recent study released in 2022. There are currently about 300 insurance companies approved to sell workers' comp in Wisonsin, making it a great state for buying coverage.
Wisconsin is not an NCCI state like most other states. This means that NCCI does not oversees employers' experience modifiers. It does not collect 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 not vary for the same class codes in Wisconsin because the WCRB sets the rates with the approval of the Commissioner of Insurance. Insurance companies in the voluntary market will apply a premium discount when the premium is over $10,000. An employer may also be eligible to receive a policy dividend at the end of the policy period from private insurance companies
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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 & premium increases.
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:
Wisconsin is not an NCCI state. Workers Compensation rates in Wisconsin are set by The Wisconsin Compensation Rating Bureau with the approval of the Commissioner of Insurance. Private insurance companies are allowed to offer workers compensation insurance in the state and these carriers may offer premium discounts and dividends on eligible workers' comp policies. These rates are effective through 10/01/2025. Get Wisconsin workers comp quotes.
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 coverage with a private insurance company can purchase coverage through WCRB as a last resort. Rates vary by workers comp class codes. Get a quote for Wisconsin 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 7496Madison, WI 53707-3131608-266-3131 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 an Independent Bureau State. The WCRB adminsiters the Wisconsin Workers' Compensation Insruance Pool.
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