How is my Georgia workers compensation premium calculated?

Your Georgia workers compensation premium is calculated mainly on three things: your payroll, the type of work your employees do, and your claims history. The basic formula is your payroll (in hundreds of dollars) multiplied by a rate that is tied to a job classification code, then adjusted by your experience rating.

Every job is assigned a classification code that reflects how risky it is. A roofer working at heights carries a much higher rate than an office bookkeeper, because the chance of a serious injury is higher. The rate for each code is expressed as a dollar amount per $Misclassified payroll is a common reason businesses overpay, because clerical and field staff carry different classification codes and rates. A free coverage review checks a business’s classifications, payroll estimates, and limits line by line.00 of payroll. So a clerical code might be priced at well under a dollar per $Misclassified payroll is a common reason businesses overpay, because clerical and field staff carry different classification codes and rates. A free coverage review checks a business’s classifications, payroll estimates, and limits line by line.00, while a framing carpenter code can run several dollars per $Misclassified payroll is a common reason businesses overpay, because clerical and field staff carry different classification codes and rates. A free coverage review checks a business’s classifications, payroll estimates, and limits line by line.00.

Larger employers also get an experience modification factor, often called an “experience mod.” This compares your past claims to what is expected for a business of your size and type. A mod below Misclassified payroll is a common reason businesses overpay, because clerical and field staff carry different classification codes and rates. A free coverage review checks a business’s classifications, payroll estimates, and limits line by line..0 lowers your premium because your record is better than average; a mod above Misclassified payroll is a common reason businesses overpay, because clerical and field staff carry different classification codes and rates. A free coverage review checks a business’s classifications, payroll estimates, and limits line by line..0 raises it. Good safety practices and few claims pull this number down over time.

Here is a simple example. A small Georgia landscaping company has $300,000 in payroll under a landscaping code priced at $6 per $Misclassified payroll is a common reason businesses overpay, because clerical and field staff carry different classification codes and rates. A free coverage review checks a business’s classifications, payroll estimates, and limits line by line.00 of payroll. That is 3,000 (hundreds of payroll) times $6, or $Misclassified payroll is a common reason businesses overpay, because clerical and field staff carry different classification codes and rates. A free coverage review checks a business’s classifications, payroll estimates, and limits line by line.8,000, before any experience mod or credits. If their mod is 0.90 for a clean safety record, the premium drops closer to $Misclassified payroll is a common reason businesses overpay, because clerical and field staff carry different classification codes and rates. A free coverage review checks a business’s classifications, payroll estimates, and limits line by line.6,200.

Misclassified payroll is a common reason businesses overpay, because clerical and field staff carry different classification codes and rates. A free coverage review checks a business’s classifications, payroll estimates, and limits line by line.