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In Hawaii, rates on workers' compensation insurance are about 78% higher than the national average. They have risen steadily in recent years. Rates are up 12 percent since 2022, making Hawaii the 2nd most expensive state in the country to purchase work comp coverage. That is up from the 5th positiion just over two years ago.
Hawaii 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 HI 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 Hawaii 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 Hawaii. Our agents know how to negotiate the lowest rates for your workers' comp coverage. Call us today to find out how knowledegeable agents, expert advice and more choices lead to the best workers' comp rates.
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:
HI workers' compensation rates listed below represent the current workers' comp rates we've found for 2024. HI rates are set by the Hawaii Insurance Division and the Department of Labor & industrial Relations. Insurance companies may be able to offer policy additional discounts and premium credits for coverage. We offer Pay As You Go workers' compensation insurance coverage in Hawaii.
Their is no State Fund in Hawaii. However, employers who are unable to purchase workers' comp from a private insurance company can find coverage from Hawaii's Employer Mutual Insurance Company (HEMIC). Hawaii workers' comp rates vary by work comp class codes and insurance company underwriting standards. Employers' who have an Experience Modification Rate (EMR) assigned to their business may be eleigible for additional policy credits or debits applied to their insurance rates based on prior premiums and workers' compensation losses or claims.
State Resources for Hawaii
HI Dept Of Commerce
Insurance DivisionP.O. Box 3614Honolulu, HI 96811808-586-2790 http://cca.hawaii.gov/
HI Dept Of Labor and Industrial Relations
830 Punchbowl StreetHonolulu, Hawaii 96813808-586-8842 http://labor.hawaii.gov/
Hawaii 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 HI. 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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