Workers Compensation Insurance Cost is determined by employee payroll, occupational classification codes of your employees and your companies past claim history. Occupational classification codes vary by state and your Experience MOD is unique to your company, but the rates are always calculated at a cost per $100 of an employee’s salary.

Occupational classification codes are used by insurance companies to assess risks for different industries. Roofers have some of the highest rates nationwide, because of the frequency and severity of workplace injuries. An office worker is cheaper to insure because the environment that he/she works in is less hazardous. This cost is also determined by the workers’ compensation board in your state. When requesting a quote, have a professional review your occupational classification code for any errors that could lower your Workers Compensation costs.

Your companies past claim history is used to calculate an Experience MOD. The Experience MOD measures the amount of claims and severity of losses within the past 12 to 36 months. Companies that have a history of accidents on the job are determined to be a higher risk to insure in the future and so the cost of Workers Compensation insurance increases. Providing safety training to your employees and making a commitment to decreasing accidents will lead to big savings.

Read more about Rates
Lower Your Workers Compensation Costs
Call 800-329-2040 for a Free Quote

We have the lowest rates for most contractor classes Get more information in your State