Professional services
Workers Compensation Insurance Calculator
Workers compensation premium from payroll, class rate and experience modifier.
Result
An estimating tool, not insurance advice and not a quote. Actual premiums are set by underwriting on factors no calculator sees: claims history, credit and loss data, exact location, construction, contract requirements and the insurer's own appetite. What cover you need is a question for a licensed broker who has looked at your situation. Rates are set by class code, and codes vary enormously: clerical work is a fraction of a percent of payroll while roofing and tree work are among the highest rates there are. The experience modifier compares your claims against others in the same class and applies for several years, so a single bad year raises premiums for a long time. Misclassifying employees to obtain a lower rate is fraud.
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About this calculator
What is an experience modifier?
A multiplier comparing your claims history with the average for your class. Below 1.0 means fewer or smaller claims than expected and lowers the premium; above 1.0 raises it, and it persists for several policy years.
Why does classification matter so much?
Because the rate difference between classes is often ten to one. Employees must be classified by the work they actually do, and deliberate misclassification to reduce premium is insurance fraud.
The formula
premium = payroll / 100 x class rate x experience modifier
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