Workers’ Comp is insurance that covers medical expenses and a portion of lost wages for employees who become injured or ill on the job. Most states require businesses to have workers’ compensation insurance.
Your employee’s risk - Riskier jobs usually have higher rate. For example, a cook at a restaurant will have a higher risk than an office worker using the computer.
Your payroll - Your business annual payroll is used to determine your insurance cost. You must provide information regarding your annual payroll.
Your claims history - If your business had workers’ compensation claims in recent years, you could see an increase in your premium.
Your location - Higher-risk areas can lead to higher premiums.