AdvisorSmith Finds the Average Cost of Workers' Compensation Insurance

NEW YORK - May 25, 2021 - PRLog -- AdvisorSmith, a leading provider of small business and insurance content, produced its newest study to find the average cost of workers' compensation insurance in the U.S.

To find the average cost of workers' compensation insurance, AdvisorSmith examined workers' compensation costs published by the Bureau of Labor Statistics for private industry workers. They then estimated the cost for private employers if they employed a worker full-time throughout a year to find the annual and monthly costs.

From their analysis, AdvisorSmith found that nationwide, the average cost of workers' compensation insurance is $936 per employee, per year, or $78 per month.

The rate for workers' compensation insurance varies considerably based upon the state, the type of businesses, how long the company has been in business, and the number of workers' compensation claims a company has had.

The study also found the average price for all 50 states and the District of Columbia. Each state and the District of Columbia run their own workers' compensation systems, and rules for which companies are required to have this insurance vary in each state.

AdvisorSmith studied the workers' compensation rates in all 50 U.S. states and the District of Columbia using data from the Oregon Department of Consumer and Business Services, which publishes an index of workers' compensation rates by state.

The state with the highest average cost for worker's compensation insurance was New Jersey. The cost of insurance for a worker in New Jersey is $1,145 annually.

The state with the lowest average cost was North Dakota, where an employer can expect to pay $376 per year per worker for worker's compensation insurance.

The study also goes into great detail about how much are worker's compensation claims, how premiums are calculated, and provides commentary from experts in the field of public health and environmental health and safety.

To view the complete study, please visit https://advisorsmith.com/workers-compensation-insurance/cost/.

AdvisorSmith is a leading information resource for small business owners. AdvisorSmith empowers small businesses with original research and insights into trends to help them succeed. For more information, visit https://advisorsmith.com or follow us on Twitter @AdvisorSmithInc.