Workers' Compensation Cost Estimator:
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The pricing structure of Michigan’s workers’ compensation insurance makes for a competitive cost system. Michigan’s allowance for “open competition” among insurance carriers allows you to shop for the best deal and lowest prices among more than 300 insurance carriers. The state does not set the rates, the competitive market does!
In addition to competitive pricing in the open market, a policyholder can achieve additional savings by utilizing self-insurance or participating in industry-based group self-insurance funds. If your company currently uses self-insurance or a group self-insurance fund, click here.
If your business has a small workforce or payroll (1 or 2 employees, for example), the data provided here may not apply because insurers require a minimum charge per employee for small policyholders.
This workers' compensation insurance analytic tool will use your work force data to provide you with a general case study looking at your potential costs. The information is an educational tool and does not provide you with an insurance quote. Your actual insurance policy costs in the "open market" will vary depending on a number of factors. However, we hope you gain an understanding of Michigan's competitive cost structure and available cost-saving devices available within the workers' compensation insurance system.
You will begin by first categorizing your work place environment by general industry category.
