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Procurement Market Intelligence Report

Workers' Compensation Insurance
Sourcing Guide & Market Trends

Comprehensive intelligence for making smart purchasing decisions

Learn about actual and potential costs

How much should I pay for Workers' Compensation Insurance?

What is the average price of Workers' Compensation Insurance?

This procurement report includes pricing information to help you purchase Workers' Compensation Insurance. Our analysts provide a benchmark price and a price range based on key pricing factors to help you understand what you should be paying for this specific product or service. To see the average price for this and hundreds of other products and services, subscribe to ProcurementIQ.

Has the price of Workers' Compensation Insurance been rising or falling?

Analysts look at market data from the previous three years to determine an overall price trend. You can use the recent price trends to help you understand price volatility and plan your budget.

I’m not ready to purchase Workers' Compensation Insurance yet. Will I pay more if I wait too long?

We forecast the next three years of price movements by looking at factors likely to affect the market's supply chain, such as inputs, demand and competition. You can then use the price forecast to figure out the best time to purchase.

What other costs are associated with purchasing Workers' Compensation Insurance?

Our analysts calculate the total cost of ownership and assign a level of low, moderate or high, depending on things like customization, integration and installation. Use this information to budget for Workers' Compensation Insurance with a reduced risk of unexpected costs.

See how we display average pricing information, trends and market data.

Find the vendor to meet your needs

Where can I purchase ?

The workers' compensation insurance market displays a low level of market share concentration, with the top four companies accounting for about 22.6% of total market revenue in 2020. In total, about 300 companies operate in this market, including insurance carriers and 25 state insurance funds. The number of providers in... Subscribe to learn more.

Questions to ask potential suppliers

How can I gain leverage during negotiations?

Bundled Services

What other types of insurance does your company provide?

Do you offer price discounts to clients that purchase more than one type of insurance?

What percentage of your total business does workers' compensation insurance comprise?

Are there any other business services you provide?

Financial Security

What is your company's internal audit process?

How frequently are internal audits performed?

How do financial analysts describe the security of your company?

Has your company ever filed for bankruptcy? If so, when?

Are you experiencing fluctuations in demand as a result of the coronavirus outbreak? What measures are you taking to handle increased or reduced demand?

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Key elements for every RFP

What should my RFP include?

Project Budget

Buyers should indicate whether they have any expectations for premium amounts, such as the buyer's ideal yearly or monthly price range.

Buyers should disclose their expectations for payments, including schedules and methods.

Buyers should inquire about bundling discounts when purchasing workers’ compensation insurance with other coverage.

Buyers can reference the Benchmark Price section of this report for additional information on which pricing affect premium levels.

Selection Criteria

Buyers should evaluate vendors based on their customer support.

Buyers should consider the experience that vendors have providing workers’ compensation insurance.

Buyers should evaluate the availability of related insurance policies from providers.

For additional details on key criteria buyers should consider when evaluating potential vendors, see the Buying-Decision Scorecard section of this report.

Project Schedule

Buyers should include the date that they need their workers’ compensation insurance coverage to begin.

Buyers should indicate the length of contract they prefer.

Buyers should include any expectations they have regarding contract renewals.

Buyers should provide important dates for the proposal process, including submission deadlines and contract notification dates.

Evaluate major factors to mitigate risk

How risky is the supply chain?

Supply chain risk is high in the workers' compensation insurance market. The outbreak of the coronavirus has presented considerable risk across the workers' compensation insurance market. This level of risk reduces buyer power because it means that providers may experience upstream supply chain disruptions that increase their operating expenses or... Subscribe to learn more.