How are Workers Compensation premiums determined?
On their most basic level workers compensation premiums are based upon the employer’s industry classification code and payroll. Each classification code is assigned a rate by the New York State Workers Compensation Rating Board based upon the loss costs and risk level of that particular industry or occupation. The rate is multiplied per $100 of associated payroll and the resulting premium can then be adjusted based on an individual employer’s loss experience, as well as any credits or debits. The formula is designed to reduce premiums for employer’s who have lower than average claims frequency/severity when compared to other employers in the same industry.
Let our experience work for you!
Pittsford Insurance Agency is partnered with many of the highest-rated workers compensation carriers in the industry. We have the experience to do a full top-down review of your operation and identify errors and exposures in your existing policy. We will work with you to identify opportunities to reduce your annual premium through proper classification, payroll review, available credits, and risk management.
Call 585.389.4150 or email us today to discuss how we can help your business secure the best coverage at the lowest possible rate!