Workers' compensation premium is calculated as payroll class rate X $100 of payroll X experience modification factor (mod) = premium. A strong system of injury prevention and management is the major determining factor of variance in premium between similar employers, however, mistakes in employee classification mean the employer is paying more premium than necessary.
This training session will cover:
- Essential elements of the experience modification factor
- Critical difference between an independent contractor and an employee
- How the mod affects your premium
- Common class code errors and opportunities
- Payroll oddities
- Preparing for the workers' comp premium audit