Things to Know About Your Workers Compensation Insurance Rates

Things to Know About Your Workers Compensation Insurance Rates

Regardless of the size of your business, most employers are required by state and OSHA regulations to have workers compensation insurance for their employees. Finding the best workers compensation insurance rates in Orlando is easier with an agent who specializes in the area.

Company’s Claims Experience

Your MOD or experience modifier provides a calculable number to represent the claim experience of the company. How your business compares to others who are similar in employee classification and in the same industry determines your MODs. 1.00 is set as the average MOD, but those with less severe and fewer accidents average lower.

Size of Payroll

Most workers compensation insurance rates in Orlando are calculated similarly regardless of the size of the business. The size of your payroll by the $100 determines the specific rate you are charged for payroll.

Employee Classifications

Depending on the type of work your business conducts, determines the group your company is placed in. The groups represent the different types of work and risk factor, which correlates to a rate that multiplies with the $100 payroll rate.

Additionally, premiums can be paid over the course of the year or in one lump sum depending on the employer’s needs. An agent knowledgeable in workers compensation insurance rates in Orlando can offer you a better, more detailed understanding before you a decision is made.

Please follow and like us: