Overview of Workers' Compensation Rate Calculations
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Understand the interworking of the workers' compensation premiums, audits, claims, and other important details that can help you lower cost.This topic will provide you with an enhanced understanding of the workers' compensation insurance system. If you are running a business with employees, you will have to have workers' compensation insurance to protect the organization from potential injuries of the workers. The injuries, real or alleged, need to be adjusted by the workers' compensation insurance carrier and each state has its own workers' compensation law. The cost of injuries has a direct impact on the cost of coverage. So, the more you know, the better decisions you can make.
AuthorsChris Conti, RiskWise
The Workers' Compensation System
• The History of Workers' Compensation
• The Governing Body of Workers' Compensation
The Workers' Compensation Policy
• What Workers' Compensation Covers
• What Is Not Covered
How Workers' Compensation Rates Are Made
• How Are Premiums Calculated?
• How Can You Reduce/Control Costs?
• Final Premium Audits
• Experience Modification Factors
Workers' Compensation Cost Control
• Class Codes
• Safety Programs
• Claims Management