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As of 2022 workers' comp rates in Colorado were 27% below the national average. Colorado has historically been an affordable state for work comp coverage. CO Rates are expected to get even more competitive throughout 2024, but many experts believe rates may begin to increase next year.
Colorado 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 CO 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 Colorado 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 loss experience or claims.
Don't get stuck paying too much for your workers' comp coverage in CO. 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.
Ask about our Pay As You Go plans designed to improve cashflow and bullet-proof your audits.
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:
Colorado workers' compensation rates listed represent the current insurance rates we've found in 2024. Colorado rates are regulated by the Colorado Department of Workers' Compensation and the Colorado Division of Insurance. Insurance companies may be able to offer discounts and credits on workers' comp coverage in Colorado. We offer Pay As You Go workers' comp insurance coverage in Colorado. Not all employers will qualify for the lowest rates or maximum policy credits. Our agency helps CO business owners buy workers' compensation coverage at the best rates available.
Pinnacol Assurance used to operate as the exclusive State Fund for CO, but now they are a non-profit and compete directly with private carriers. Workers' compensation rates vary by industrial classification codes and insurance company underwriting standards. Employers' who have an Experience Modifier (MOD) assigned to their business may have additional credits or debits applied to their insurance rates based on prior premiums and workers compensation losses.
State Resources for Colorado
Colorado Department of Workers' Compensation
1515 Arapahoe Street Tower 2, Suite 500Denver, Colorado 80202-2117888-390-7936 https://www.colorado.gov/pacific/cdle/dwc
Colorado Division of Insurance
Department of Regulatory Agencies1560 Broadway, Ste. 850Denver, Co 80202303-894-7499 https://www.colorado.gov/dora/division-insurance
Colorado 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 CO. 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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