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Rhode Island workers' compensation insurance rates are about 28% higher than the national average. This makes RI the 11th most expensive state in the country for buying workers' comp coverage. Rates are expectd to decrease slightly over 2024 as many carriers compete to win new premium.
Rhode Island 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 RI 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 Rhode Island 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.
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:
Rhode Island workers' compensation rates listed below represent the low and high rates we've found for 2024. Rhode Island rates are set by the Division of Workers' Compensation. Insurance companies may be able to offer discounts and premium credits on coverage. We offer Pay As You Go workers' comp insurance in Rhode Island. Not all employers will qualify for the lowest rates available or maximum policy credits,
Rhode Island workers comp rates vary by industry classification codes and insurance company underwriting standards. Employers' who have an Experience Modification Ratring (X-MOD) assigned to their business may have additional credits or debits applied to their insurance rates based on prior premiums and workers' compensation losses. Beacon Mutual Insurance Company administers the State Fund program in Rhode Island. Employer who can't find coverage from a private carrier can purchase a policy from Beacon Mutual.
State Resources for Rhode Island
RI Department of Labor and Training
Division of Workers' Compensation1511 Pontiac AvenueBuilding 69, Second FloorPO Box 20190Cranston, RI 02920-0942401-462-8100 www.dlt.ri.gov/wc/
National Council on Compensation Insurance (NCCI)
901 Peninsula Corporate CircleBoca Raton, FL 33487-1362800-622-4123 www.ncci.com/
Rhode Island 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 RI. 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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