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Workers Compensation is an insurance coverage based upon the payroll of a company or organization. Each company has different exposures and thus different classes and rates that apply.
The most common class is that of clerical for an office exposure and the rate is approximately .15 cents per hundred dollars of payroll.To figure your cost, simply take your clerical wages divided by 100 times the .15 and boom goes the dynamite, that is your annual cost…for the clerical exposure.
The higher the risk of the exposure, the higher the rate. Construction classes have a rate of approximately $7.00 per hundred dollars of payroll. Use the same formula above and notice the extreme difference between the costs of construction work comp vs. clerical work comp.
Think about an office exposure and then think about someone building a house. The person building the house if FAR more likely to get injured than the person working in an office setting. Finally, most states have additional charges for injury funds and terrorism. Once you take your payroll x the rate and get all your class premiums, you should add about $500.00 to get a ballpark of your insurance costs.
Finally, most states allow carriers to file credits to reduce their rates for companies that have good experience. Not all work comp is priced the same!
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