HR SOLUTIONS for WORKERS COMPENSATION, PAYROLL SERVICES and BENEFITS
Your worker's compensation premium is calculated by multiplying the amount of your payroll/gross wages per $100 (PAYROLL), by your business classification rate (RATE), by your business experience modifier (MOD). So, the calculation looks like this: (PAYROLL) X (RATE) X (MOD) = Annual Premium The PAYROLL is self-explanatory, the RATE is the numeric industry rating given to your specific type of trade and the MOD is a number given based on your business' claim and loss history. The higher the MOD, the higher your premium rate goes. So, the final premium will be a multiple value that is applied to every $100 of payroll. For example, a RATE of .09 (9.0%) with a MOD of 1.00 results in a $9.00 annual premium for each $100 of payroll ($18,000 for a company with $200,000 in payroll). Although many new businesses are given a MOD of 1.00, which is the average, it can go significantly lower and this is where we come in. We have been in business for over thirty years and have helped countless businesses with discovering how to lower their annual worker's compensation premium. There are numerous ways to help lower your business' MOD and we can help you with them all. One huge way to lower your MOD is by implementing strict safety programs throughout your business. Another good way is by enrolling in state-sponsored safety programs that will not only lower your MOD, but with strict compliance, will improve overall safety at your business and worksites. We are here to help show you how to lower your businesses MOD, step by step. We can take care of all your day-to-day staffing, payroll, worker's compensation hassles and risk-management duties to leave you to do what you do best – grow your business!