866-308-4704 Advisors Waiting Monday - Friday: 7:00 am - 7:00 pm

Q: Can you give a broad general overview of how Workers Compensation Insurance premiums are calculated

Generally speaking, each business is assigned a class code.  A Class code identifies the type of services being provided by the business.  Then each of the employees can be provided a class code based on what duties they perform.  Each class code has a factor.  The factor is multiplied times every hundred dollars of payroll to calculate a base premium.  Then experience mods, owner elections, and previous claim histories can also impact the premium.