Premium Calculation for Worker's Comp

If your  company purchases workers’ compensation insurance, the premium is
calculated according to a certain format. This can vary from state to
state; however, there is a considerable degree of uniformity. A policy is
normally one year in duration.

The basic method of pricing workers’ compensation insurance begins with a rate
per $100 of payroll. There are different classifications which apply to different work
exposures, and each classification will carry its own rate per $100 of payroll
determined by the state’s rating bureau and company’s insurance carrier.

Basically, the rate corresponds to the exposure to injury of different categories of
work. For example, the rate for a bank employee is subject to a lower workplace
risk of injury compared to a roofing contractor. Thus, the rate for the bank
employee’s classification code will be much lower than the rate for the roofing
contractor’s classification code.

Most states utilize the National Council on Compensation Insurance (NCCI) classification
system, but several states like PA, NJ, DE, CA and MI are slightly modified.

The leading classification principle in workers’ compensation insurance is that the
overall business is classified, not the individual workplace exposure of the
employee. As an example, in most states, at an automobile dealership the parts
counter employees are placed in the same classification as the mechanics. The
classification applied to the business is the “governing classification.” The
governing classification is the classification that generates the most payroll for a
company. There are exceptions, for example, construction companies are not subject
to the governing classification rules, but rather the individual exposure of the
employee is classified according to the classification rules that apply in a particular state.

Keep in mind that there are several workplace exposures that are normally separated into
their own classifications called “standard exceptions.” These include clerical, outside
sales and often drivers (but not in every state).

Can your business reduce its worker's comp costs with no upfront fees?

Find out here

The Basics of Worker's Comp

Workers’ compensation insurance is regulated by each state while rules regarding the business obligation can vary quite a bit. Most states allow a company to purchase from a number of insurance companies, including state run funds, to meet the statutory obligation. But a few monopolistic states such as WY, ND, WA and OH   require a company to purchase their workers’ compensation insurance only through a state fund and will not allow private insurance. Companies in Texas are not required to purchase workers’ compensation insurance, but instead are allowed to “go bare.” If a TX company does not elect to carry workers’ compensation insurance, the company is responsible for the payment for any workers’
compensation injury or illness.

If a company is large enough, many states allow a company to self-insure. The requirements to self-insure vary from state to state.

If you have an average workers compensation premium of $50K or above, you should know  that over 70% of all companies have been or are currently overcharged for their workers’ compensation premiums.

To find out if this includes your USA company, visit here now.

Larry Potter

What you should know about Work Comp Audits

Workers’ compensation insurance is state mandated and provides employees with payments for work related injuries and occupational illness including payments for medical expenses and for loss time from work (indemnity). There are no limits on medical claims, although each state establishes an amount on a loss of limb, death, and varying degrees of partial or permanent disability. Loss time or indemnity payments are normally a payment equaling two-thirds (2/3) of an employee’s usual wage. An employee normally becomes eligible for indemnity payments after three (3) lost days of work.

Our WorkCompAudit identifies and recovers workers’ compensation premium overcharges by reviewing the past five to seven years of classifications, experience rating calculations and premium audit calculations.

Experience indicates that over 70% of all companies have been or are currently overcharged for their workers’ compensation premiums.

A few of our Targeted Industries:

Aircraft, Amusement Park & Ski Areas, Assisted Living, Automobile Dealerships, Beverage Dealers - Wholesale, Bottlers, Box Mfg., Bldg. Operators, Cable Installation, Casinos, Carpentry, Clothing Mfg., Contractors, Food Processing, Foundry, Forklift Operations, Garbage Collection, Grocery Stores, Home Builders, Home Health Care, Hospitals,Labor Services (temp help), Lumber Yards, Machinery Dealers, Meat Processors, Mining Operations, Municipalities, Lurching Homes, Oil & Gas Exploration, Plastics Mfg., Railroad Operations, Restaurants, Sand & Gravel, Scaffolding, Scrap Dealers, Sheet Metal, Trucking, Warehousing, Wrecking & Demolition and many more.

Minimum Requirements:

*Industries that have an average workers compensation premium of $50K or above

Note: Companies that have operations in more than one state increase the opportunity of recovering a refund substantially.

Find out about the brief survey we conduct to determine your initial savings, no upfront fees. We don't get paid unless you save.

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Larry Potter
Senior Stryde Advisor

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