What goes into workers compensation pricing?

We are often asked what goes into the pricing of a workers compensation policy and this post will speak directly to that. While the numbers below are accurate, as you can see the percentages vary quite a bit so it's imperative you have an understanding of what is impacting the cost for your businesses' workers compensation.

Actual Claims- Accounts for 70% of total cost

Agent Commission 4-12%

Taxes, Fees & Surcharges 4-15%

Loss Control 2%

Benefit Delivery Expenses aka Cost to pay Claims- 10%

Reinsurance- 2%

Administration Costs 4%

Please reach out if you'd like us to review your workers compensation with you.

SE