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How Workers' Comp Works For You [Infographic]

HOW WORKERS' COMP WORKS FOR LOU THE LATEST DATA & WHAT IT MEANS REQUIREMENTS BY STATE 74% OF STATES REQUIRE ALL EMPLOYERS TO HAVE WORKERS COMP ALWAYS >3 EMPLOYEES >4 EMPLOYEES >5 EMPLOYEES NOT REQUIRED EMPLOYERS SHOULD CONSULT THEIR STATE GUIDELINES FOR FULL CONDITIONS HOW IS WORKERS' COMPENSATION CALCULATED? CLASSIFICATION CODE RATE EXPERIENCE X. MODIFICATION X PAYROLL PREMIUM COSTS AROUND THE NATION 24 AVG. COST PER $100 OF PAYROLL CALIFORNIA $3.48 CONNECTICUIT $2.87 HIGHEST COST NEW JERSEY $2.82 NORTH DAKOTA $0.88 LOWEST COST AVG. RATES BY STATE UNDER $1.50 $1.50-$1.99 $2.00-$2.59 $2.50-$2.99 $3.00-$349 NEWS GOOD NEWS: BAD NEWS: CLAIM FREQUENCY IS DOWN CLAIM SEVERITY IS UP 10.5% Indemnity Claim Severity: +2.0% +0.5% -2.7% +1.1% -2.0% -40% -6.1% 2010 2011 2012 2013 2010 2011 2012 2013 Medical Claim Severity: +3.0% 3M +3.0% +2.6% +1.2% NONFATAL workplace injuries & illnesses in 2013 2010 2011 2012 2013 INDUSTRY means... BREAKDOWN 33 25% CASES GOODS PRODUCING INDUSTRY 100 75% FULL-TIME EMPLOYEES SERVICE INDUSTRY WHAT CURRENT DATA MEANS FOR YOU: CLAIM SEVERITY CLAIM COSTS +7% PREMIUMS INCREASED BY 7% FROM 2012-2013 24 S HOW TO PAY: PAY PER PAYROLL WORKERS' COMP VS PRIMEPAY'S STANDARD SOLUTION Premium Based On Premium Based On Estimated Payroll Actual Payroll Deposit Required No Deposit Required Risk Of Over Or Under pay ment Never Over or Underpay End-Of-Year Audit Hassle Simplified Audit NEVER OVERPAY AGAIN. You run payroll as you normally would. PrimePay sends your payroll data to the insurance company, free of charge. What youU owe is calculated based on exact payroll numbers. PPRIMEPAY. SOURCES $22.7 $28.8 $22.2 $27.9 $22.1 $27.1 $21.9 $26.4 Ээ 2013 2012

How Workers' Comp Works For You [Infographic]

shared by primepay on Dec 24
Our most recent infographic aims to soothe any aches you may feel over workers' compensation insurance. It examines the most recent workers’ comp data and identifies how it can affect your business....



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