How To Calculate Workers' Compensation Cost Per Employee

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How To Calculate Workers' Compensation Cost Per Employee. This premium rate varies by state and is expressed as dollars and cents per $100 dollars of payroll for each class code. Workers’ classification code rate x experience modification number x (payroll/$100) = premium* your classification code rate is determined by the national council on compensation insurance (ncci) or your state’s rating bureau, and is based on the type of work your employees do.

from venturebeat.com

The employee’s payroll and the worker’s compensation insurance rate. Workers' comp price factor 1: Classification and number of employees.

So How Do I Calculate The Workers’ Comp Rate For An Employee?


If you’re wondering how to calculate workers’ compensation cost per employee, you would simply divide your total annual premium by the number of employees on your payroll. However, the basic formula for calculating a workers’ compensation quote is: If we divide $343,493 by $878,770 we get 0.3909.

Holiday, Vacation, And Sick Pay.


Stock bonus or purchase plans. You can use this formula to estimate your workers’ comp cost: If you divide $50,000 by 242, their average daily wage is $206.61.

If You’re Unable To Calculate The Gross Payroll For Each.


(annual employee payroll / 100) x workers’ compensation insurance rate = estimated workers’ compensation cost in other words, arriving at an estimate for workers’ compensation coverage involves a few different factors, which might change from year to year. While the basic math is simple, the variables that come into consideration can make the final. If you’re unable to calculate the gross payroll for each.

(Employee’s Annual Payroll Costs / 100) * Workers’ Comp Premium Rate = Employee’s Workers’ Comp Cost.


Calculating your workers’ compensation cost per employee involves understanding your payroll numbers. Your claims performance is calculated at the renewal date of your policy and includes your claims costs for the three years prior to commencement of the policy period. (annual employee payroll / 100) x workers’ compensation insurance rate = estimated workers’ compensation cost.

The Cost Of A Worker’s Compensation Policy For One Employee Will Be Determined By Two Main Factors:


Classification and number of employees. In this example, that number is $878,770. Take for example two employers who perform exactly the same operations but one pays their employees $30 per hour and the other pays $12 per hour.

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