How is My Workers' Compensation Premium Determined?
- Posted on Friday, January 31, 2014
Your workers’ compensation premium is determined by a formula that has three primary elements:
1. The type of business you have
2. Your business’s history of workplace accidents
3. The total payroll of your business
The National Council on Compensation Insurance (NCCI), a trade group of the US insurance industry, as well as state agencies such as the Workers Compensation Insurance Rating Bureau (WCIRB), collect and analyze data to help provide reliable and consistent application of this formula among insurance providers and from state to state.
Call Debbie Klisch at 719-329-4441 for valuable information on Workers Compensation