Workers’ compensation premiums can be a confusing calculation to business owners. There are several factors that are considered while doing this calculation. First, each job is assigned a specific classification code. Each job code has a different rate and is determined by industry standards. Next, the total amount of payroll for each job code is used to calculate the premium. Then the experience of workers’ comp claims is taken into consideration and a modification rating is established from that experience. The base premium is the cost for $100 of payroll for each job code. Finally, there could be some credits or discounts for factors such as workplace safety or drug-free workplace programs.
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