Understanding workers’ compensation insurance is daunting to say the least. Many components of this calculation can impact the rate you pay. Some of these components are:
- Remuneration – The rate per hundred dollars of remuneration (most often payroll)
- Classifications – Each classification applies to rate per hundred based on the varying exposure to injury. For example, the roofer is more likely to be exposed to injury compared to the receptionist.
- Experience Modification Factor – An adjustment to your premium based on prior losses.
Based on past experience, we have determined that more than 70% of employers are overpaying or have overpaid on their workers’ compensation premiums. Some of the warning signs of being overcharged include:
- Change in classification either positive or negative
- Change in business operations or scope
- Change in ownership
- Change in employee leasing/contractual employees
Any of these can indicate an overcharge in your current or most recent premiums. If your company has experienced one or more of these, you might consider this a call to action. Silverback will review your workers’ compensation premiums on a contingency-fee basis. No recovery, no fee. Our work will make paying that premium a little less painful.
Is your company in the 30% that is not overpaying?
