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Wyoming is a good state to live and work. With the smallest population in the county, Wyoming's industry and population has continued to grow over the past few years. Construction is currently the fastest growing industry in the state. All workers' compensation in Wyomeing must be written with the state since it is monopolist. Our agency specializes in helping business owners in WY find Out of State Coverage when business owners have employees working in other states.
On average, employers in Wyoming pay about 46% more than the national median for their workers' compensation rates. The most recent national study ranked Wyoming as the 7th most expensive state for coverage. This represents a significant increase in work comp rates compared to the same study which ranked WY number 26 in 2022.
Since Wyoming is a monopolistic state, there are no comparison ratings to publish for regarding the lowest and highest rates in the state.
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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:
As of 2024, Wyoming is one of 4 monopolistic states remaining in the country. This means that all rates are set by the state and that private insurance companies are not authorized to sell workers' compensation in Wyoming. Workers' compensation is required by law in Wyoming and self-insurance is not allowed. Our agency is a national workers compensation agency and we help Wyoming employers purchase out of state workers compensation when they hire employees or perform projects in other states. We write workers compensation coast to coast.
Wyoming operates an exclusive State Fund. Workers comp may only be purchased from the Wyoming Workers' Safety and Compensation Division. We help Wyoming business owners and agents purchase out-of-state-coverage when Wyoming employers hire employees or do business outside of Wyoming.
State Resources for Wyoming
Wyoming Department Of Workforce Services
Employer Services1510 East Pershing BlvdSouth Door, 2nd FloorCheyenne, WY 82002307-777-6763 Employer Services
Wyoming Department Of Insurance
106 E 6th AvenueCheyenne, WY 82001800-438-5768 WY Department of Insurance
Wyoming workers comp is under the Jurisdiction of the Wyoming Department of Workforce Services and operates it's own exclusive state fund.
The state does contract with NCCI (National Council on Compensation Insurance) in order to collect and manage policy and statistical data regarding workers compensation, employers' liability and USL&H coverages.
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