How Is The Cost Of Workers Compensation Insurance Determined?

The cost of workers’ compensation insurance is based on the hazards associated with the type of jobs related to the employers’ business classification. Each business has a major classification or governing class that identifies it as a certain type of business. The classifications are designed so that job costs are determined by multiplying a rate that is assigned to a specific classification for every one hundred dollars of payroll to the payroll in that classification. The final cost is usually impacted by the employer’s loss history.

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