The state that had the most expensive workers’ comp rates for employers in 2010 managed to improve its ranking somewhat in the last two years. Click through to see how your state’s premiums compare:
According to a study by the Oregon Department of Consumer and Business Services, Alaska has the most expensive workers’ comp rates as of Jan. 1, 2012. Its rate is $3.01 per $100 of payroll, or 160% percent of the study’s median, which was $1.88. The median dropped 8% from $2.04 in 2010. The study is conducted only in even years.
The rest of the top 10 most expensive states, their rates, percent of median and previous rankings are:
- Connecticut, $2.99, 159%, No. 6
- California, $2.92, 155%, No. 5
- Illinois, $2.83, 151%, No. 3
- New York, $2.82, 150%, No. 13
- Oklahoma, $2.77, 147%, No. 4
- New Jersey, $2.74, 146%, No. 7
- Montana, $2.50, 133%, No. 1
- New Hampshire, $2.40, 128%, No. 10, and
- Maine, $2.24, 119%, No. 8.
California has just enacted a workers’ comp reform law which is expected to reduce the state’s rates.
DCBS Director Patrick Allen says rankings are beginning to tighten as more states adopt workers’ comp reforms.
The state with the least expensive workers’ comp rates was North Dakota at $1.01, or 47% below the median. It was also the least expensive in 2010. The runner-up for best rates is Indiana at $1.16, or 38% below the median. Indiana also held that position in 2010.
Ten states had rates under $1.50.
One state that greatly improved its ranking from 2010 to 2012 was Alabama, which went from 10th most expensive to 21st. Its rate is $1.97.
The rates in Georgia and New Mexico were exactly at the national median.
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