Workers’ Compensation: Making that Premium a Little Less Painful

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:

  1. Remuneration – The rate per hundred dollars of remuneration (most often payroll)
  2. 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.
  3. 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?

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