The total cost of workers’ compensation is calculated as Payroll x Class rate X Experience Mod x Adjustments = Premium + Losses (loss sensitive program). A strong system of injury prevention and management is the major determining factor of the variance in total workers’ compensation costs between similar employers, however, mistakes in employee classification mean the employer is paying more than necessary.
This training session will cover:
Examples of immediate financial impact of proper employee classification
Common class code errors and opportunities
How and where to find payroll deductions in your state
The process to verify the accuracy of class codes in your organization
The biggest mistake companies make
Preparing for the workers’ comp premium audit