WORKERS' COMPENSATION INSURANCE
Michigan has a competitive workers' compensation (WC) insurance system. Michigan’s "open competition" system allows market forces to set the WC insurance rates, thus enabling companies to shop among nearly 250 insurance carriers for the best, lowest-cost options. Self-insurance, group self-insurance, deductible plans and other options are available, as well. With such a wide-range of cost-savings opportunities, Michigan businesses can play a significant role in containing or reducing their WC costs. The following information will help you understand and navigate through the WC insurance system.
WORKERS' COMP COST CONTROL SERVICE
The Michigan Economic Development Corporation
SM (MEDC) offers a free Workers’ Comp Cost Control Service with specially trained staff available to help answer specific questions. This service can also provide customized workers’ comp analysis for companies with existing guaranteed cost policies. The program’s fact sheet (including letter-of-authorization) is available by
clicking here, or you can call 1.888.522.0103 for assistance.
MEDC'S WORKERS' COMP RESOURCE PUBLICATIONS
Below are a number of recommended resources, including the "Michigan Business Guide to Workers' Compensation," which provides detailed information about Michigan’s workers’ compensation insurance system. The guide features a helpful "Workers' Compensation Cost Estimator," which is a tool that illustrates the cost-saving credits and discounts built into Michigan’s WC pricing structure. Actual costs vary according to the selected insurance carrier, occupation code, payroll, claims history, applied credits and discounts, and possible other factors. Overall, this guide can help you understand the cost structure of WC insurance and help you explore potential cost saving strategies.
MICHIGAN BUSINESS GUIDE TO WORKERS' COMPENSATION
WORKERS' COMPENSATION INFORMATION BOOK
RESOURCES
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