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Workers' compensation insurance rates in Utah are very low compared to the rest of the country. Utah rates are about 32% lower than the national average of all U.S. states. Utah's workers' comp rates have remained steady for the last several years. Many new insurance companies have entered the Utah marketplace as workers' compensation remains one of the most profitable lines of business for insurance companies.
Utah is an NCCI state like most other states. NCCI issues employers' experience modification rates (EMR) 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 Utah 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 Utah 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. Our agents will find your best deal. Our technology tracks carrier rates by state and compares their pricing in real-time. Find out how knowledegeable agents, better advice and more options lead to lower rates and a better price.
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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 Utah workers' compensation rates listed below represent the lowest insurance rates we've found for 2024. Utah rates are regulated by the Labor Commission of Utah. Insurance companies are able to offer discounts and credits on a workers' comp insurance policy. We offer Pay As You Go workers' compensation in Utah. Not all businesses will qualify for the lowest rates available or maximum policy credits. Our agency helps Utah employers buy workers compensation coverage at the lowest cost.
Utah workers comp rates vary by workers' comp class codes and insurance company underwriting guidelines. Employers' who have an Experience Modification Factor (E-MOD) assigned to their business may have additional credits or debits applied to their insurance rates based on prior premiums and workers' compensation losses. The State Fund in Utah is Workers Compensation Fund of Utah (WCF).
State Resources for Utah
Labor Commission of Utah
Division of Industrial Accidents160 E 300 South, 3rd FloorPO Box 146610Salt Lake City, UT 84114-6610801-530-6800 laborcommission.utah.gov/
Workers' Compensation Fund of Utah (WCF)
100 West Towne Ridge PkwySandy, Utah 84070800-446-2667 https://www.wcf.com/
Utah 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 UT. 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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