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Alaska Currently ranks number 21 with regard to the average workers' compensation rates in the country. Alaska employers pay about 8% percent more than the national average. This represents a significant improvement in rates compared to Alaska's prior ranking as the 10th most expensive state for work comp coverage.
Alaska is an NCCI state like most other states. This means that 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 Alaska Department of Insurance. Every Insurance company is required to file their rates with the state for approval each year.
Workers' compensation rates may still vary for the same class codes in Alaska 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 & 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:
The workers' compensation rates listed below for Alaska represent the current insurance rates we've found for 2024. Alaska rates are regulated by the Alaska Division of Workers Compensation. Insurance companies may be able to offer discounts and credits on workers comp coverage. We also offer Pay As You Go Workers Comp insurance coverage in Alaska. Not all employers will qualify for the lowest rates or maximum policy credits. Our agency helps employers buy workers' compensation coverage at the lowest rates available.
The National Council on Compensation Insurance operates the State Fund in Alaska. Workers' comp rates vary by industrial classification codes and insurance company underwriting standards. Employers' who have an Experience Modifier Rate assigned to their business may have additional credits or debits applied to their insurance policy based on prior premiums and workers compensation loss experience.
State Resources for Alaska
Alaska Division of Workers' Compensation
Post Office Box 25512Juneau, Alaska 99802-5512907-465-2790 labor.state.ak.us/wc/home.htm
National Council on Compensation Insurance (NCCI)
901 Peninsula Corporate CircleBoca Raton, FL 33487-1362800-622-4123 www.ncci.com/
Alaska is under the Jurisdiction of the National Council for Compensation Insurance (NCCI). NCCI determines rates and is the assigned risk provider for the state of Alaska.
Our agency helps employers find guaranteed state fund Insurance in AK. 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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