Workers' Compensation Rates Oklahoma: A Guide for Employers

In Oklahoma, the cost of workers’ comp insurance for businesses varies based on factors such as the industry, size of payroll, and claims history. To give you an idea of the workers' compensation rates for some common industries in Oklahoma, see the chart below:

Keep in mind that this is a general guideline, and the actual rates for your business may vary. 

Calculating your Workers’ Comp Premium

Once you've found your rate, calculating your premium is simple. Here's how you do it:

Take your total annual employee payroll, divide it by $100, and then multiply by your industry rate. This will give you an estimate of your premium.

Please keep in mind: This estimate doesn't include taxes and fees, and your claims history could affect the final cost.

What factors influence your Workers’ Comp Premiums?

In Oklahoma, workers' compensation insurance premiums are based on several factors, such as the industry, class codes, payroll size, claims history, and policy credits or debits. Additional discounts may also be added to a policy depending on the size of payroll and overall claims history. 

For a better understanding of how your workers' comp premiums are determined, consider these factors:

Industry

Certain industries, such as construction or manufacturing, have higher risk levels and therefore require higher premium rates.

Payroll

Your workers' comp premiums are generally calculated based on a percentage of your payroll. More employees mean a higher payroll, which leads to higher premiums.

Claims history

A better claims history can lead to lower premiums, as it reflects a safer work environment.

Policy credits or debits

Insurance companies can apply policy credits or debits up to 25% to adjust their filed rates. These adjustments can either increase or decrease your premium. 

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Strategies for managing your Workers' Compensation Costs

As a business owner in Oklahoma, how can you manage your workers' compensation costs effectively? Several strategies can be implemented to minimize expenses and keep both your team and your bottom line healthy.

Establish a safety program

Investing in a safety program helps you to identify and eliminate workplace hazards, preventing accidents before they happen. Safety programs have a proven track record of being worth the investment, making them an important part of your cost management strategy.

Review payroll and worker classifications

Making sure your employees are classified in the right industry is crucial; incorrectly classifying employees raises premium costs. Review your payroll regularly to catch any discrepancies.

Invest in return-to-work programs

Introducing a return-to-work program promotes a faster recovery and encourages employees to get back to work sooner, which reduces the time they are on leave. These programs often involve temporary or adjusted job duties that fit your employees' limitations.

Encourage employee involvement

Employees who are not engaged can have a big impact on injury payment expenses. Use a support-based model for your employee injury payment program, which builds trust between you and your team and leads to a healthier, more productive workforce.

By incorporating these strategies into your business, you can actively manage your workers' compensation costs, contributing positively to the overall financial health of your company. 

Remember, a proactive approach and open communication with your team are key to a successful workers' compensation keeping costs down.

Get clear and accurate Workers' Comp Insurance guidance

Still not sure of your estimated premium? At Kickstand Insurance, we offer personalized support for your unique situation. Feel free to contact us at (866) 338-8823 or start an instant quote to see the current low and high workers' comp rates in Oklahoma.