Traditional Workers' compensation premiums are based on estimated payroll. 

At the end of the policy year (in most cases), the insurance company audits you to see what your actual payroll was.  If your payroll was less than the estimate, you receive a credit.  If your payroll was more than estimated, additional premium for the preceding year is due and must be paid.  It is a good idea to come as close as you can in estimating your actual payroll for the year, otherwise you can end up paying a big audit premium. 

The basic rates for all types of occupations are set by the National Council on Compensation Insurance (NCCI).

But each insurance company has a loss cost multiplier that is applied to the NCCI rates to determine the premium (higher or lower).  The premium is further modified by your loss experience, your experience mod. 

It is the factor that insurance companies apply to the NCCI base rate to either raise or lower the base rate. 

If an insurance carrier has a lower loss cost multiplier, your premium will be lower.  We work to find you a carrier that has a lower rate and has expertise in your industry.

The factor that is applied to your premium that is a result of your claims experience.  It is based on the size and frequency of claims in relation to your premium and the average claims for your industry in your state.  It is set by the NCCI

At the The Insurance Shop, we can market your work comp via all of our programs and then help you determine which opportunity best fit your needs.  We give you the most options available.