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Connecticut has the tenth highest average rates in the country for Workers' Compensation Insurance. The rates are about 27% higher than the national average. While Connecticut suffers from some of the highest workers' comp rates in the country, we have relationships with more than 35 insurance companies doing business in the state. This helps us find business owners the lowest rates for their industry and workers' comp class codes.
Connecticut 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 CT Department of Insurance. Every Insurance company is required to file their rates with the state for approval each year. NCCI has proposed a 9.8% reduction, on average, in voluntary loss costs for CT in 2024.
Workers' compensation rates may still vary for the same class codes in Connecticut 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 in Connecticut. 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:
CT Workers' compensation rates listed below for Connecticut represent the current insurance rates we've found for 2024. Insurance rates are set by the Connecticut Insurance Department and the CT Workers' Compensation Commission. Insurance companies may be able to offer discounts and credits on workers' comp coverage in CT. We also offer Pay As You Go workers' compensation in Connecticut. Not all employers will qualify for the lowest rates or maximum policy credits. Our agency helps Connecticut employers buy workers' compensation coverage at the lowest rates available.
There is not a State Fund in Connecticut. Instead, NCCI manages the assigned risk plan with select insurance carries. Connecticut rates vary by workers' compensation class codes and insurance company underwriting guidelines. Employers' who have an Experience Modification Factor (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. Get better workers' comp rates for your businesses.
State Resources for Connecticut
Connecticut Department Of Insurance
P.O. Box 816Hartford, CT 06142-0816800-203-3447 http://www.ct.gov/cid/site/default.asp
Connecticut Workers' Compensation Commission
21 Oak Street, Fourth FloorHartford, Connecticut 06106860-493-1500 http://wcc.state.ct.us/
Connecticut 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 CT. 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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