Estimate workers compensation insurance premiums based on payroll, NCCI class code, and experience modifier.
$47/month
| Annual Payroll | $200,000 |
| Class Rate (per $100) | $0.28 |
| Base Premium | $560 |
| After Exp. Mod (1×) | $560 |
| Final Premium | $560 |
| Per Employee | $112/yr |
| Monthly Payment | $47/mo |
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Premium = (Payroll ÷ 100) × Class Rate × Exp. Modifier
Apply schedule credits/debits for final premium
WC premium = (Payroll ÷ 100) × Class Rate × Experience Modifier. Higher-risk jobs have higher class rates. A good claims history lowers your experience mod below 1.0.
An experience modifier (EMR) compares your claims history to other businesses in your industry. 1.0 is average. Below 1.0 means fewer claims (lower premium). Above 1.0 means more claims (higher premium).
Most states require workers comp for all employees except sometimes very small businesses (1-3 employees) or domestic workers. Sole proprietors and partners are usually exempt but can opt in.
Workers comp doesn't cover self-employed individuals (unless elected), independent contractors, or injuries intentionally caused by the employee. It also doesn't replace 100% of lost wages.
Calculations are for educational purposes only. Consult a qualified financial advisor for personalized advice.