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Safety and Health Management - Part23

Workers' compensation rates are determined in two ways: manual rating uses a standard rate applied to all companies in the same industry, expressed as dollars per $100 of payroll. Experience rating varies a company's rate based on comparing its actual losses to expected losses to reward safer companies.

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52 views1 page

Safety and Health Management - Part23

Workers' compensation rates are determined in two ways: manual rating uses a standard rate applied to all companies in the same industry, expressed as dollars per $100 of payroll. Experience rating varies a company's rate based on comparing its actual losses to expected losses to reward safer companies.

Uploaded by

Karen
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Workers' Compensation Made Simple

How are rates determined?

Manual Rating - Also called the “Pure Premium Rate,” this rate is
applied to all industries of the same type or standard industrial
classification (SIC). Expressed as:

Dollars per $100 dollars of payroll

Example: $3.15 per $100 dollars of payroll.

Experience Rating - used to vary the company’s own rates,


depending on its experience by comparing actual losses with
expected losses.

23

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