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What is the best policy for worker's comp?

The cost is eating me alive. My insurance broker tells me that all companies have the same rates? I'm spending more than $10,000 a month and wonder if this is accurate. I'm coming up for renewal and will be shopping for a new policy, but I'm wondering if worker's comp in California is just as expensive?

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For workman's compensation, there are standard codes that all insurance carriers use. So, yes, in essence many carriers will have the same rates or similar rates because it really boils down to your payroll and the type of company and workforce you have. However, I would still encourage you to get bids as some companies will allow discounts/credits and occasionally rates will vary.


While Workers Comp is somewhat of a commoditized type of contract it is a overstatement to say all insurers have the same rates. Much depends on industry, location, and most importantly loss history. Like any type of insurance high losses and a lot of claims can lead to high premiums.
The issue with brokers is WC is a low revenue and can be high service complex plan so what you're being told sounds like a blow off.
There are also things you can do to lower premium over time and better your Mod like workplace safety training etc. In any event there are a lot of carriers in this space so never hurts to see what is out there. Quoting Workers Comp is easy just need some basic information and gross payroll.


I would Agree with Marcia. You may consider reaching out an insurance specialist that focuses just on workers comp though.

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