Factors that May Affect the Rates for Workers Compensation
Many employers want to ensure that their employees have proper insurance coverage. Part of this includes having a workers compensation package as part of their insurance plan. When looking at workers compensation insurance rates in Orlando, you may be wondering what factors could affect your plan options.
One factor you may not have been aware of is payroll size. Workers compensation rates are usually based per $100 in your payroll. This base rate may be affected by your companys claim experience and work classification. Your insurance provider may be able to give you the exact rates.
Another factor in your workers compensation rate is your companys claim history. This rate is based on how your companies claim history compares to similar businesses with comparable employee work classifications. A lower claim history may result in a lower rate.
Type of Work
The work classification, or type of work your employees perform, may affect your rates as well. Riskier jobs may carry higher rates because those performing those jobs are more likely to get injured. For example, a secretary may have a lower classification rate than a security guard.
Like many other states, workers compensation insurance rates in Orlando, are calculated based on three things. You companys payroll size, the companys claim history, and the type of work performed by your employees. Talking with an insurance professional may be the best way to get a quote for the workers compensation policy for your business.