South Carolina Workers' Comp Rates

South Carolina workers' compensation rates expected to be flat in 2024.

Workers Comp Rates in South Carolina are a little higher than the national average. Overall. rates are about 6% higher than the average rates for all states. There are a lot of insurance companies competing for business in South Carolina, which is good for business owners. Workers compensation continues to be the most profitable line of insurance in the state for most insurance carriers.

South Carolina is an NCCI state like most other states. 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 SC Department of Insurance. Every Insurance company is required to file their rates with the state for approval each year.

Workers' compensation rates will vary for the same class codes in South Carolina 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.

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