Work out workers compensation premium instantly with clear inputs, formula shown and shareable results.
Workers compensation premium is payroll divided by 100 times a class rate, then multiplied by an experience modification factor that compares your claims history with the class average. A modifier below 1.0 is a credit, above 1.0 a debit — which is how safety performance translates directly into premium.
Manual premium
Manual premium = Payroll / 100 x Class rate
Premium
Premium = Manual premium x Experience modifier x (1 - Schedule credit %)
Indicative estimate only. Fees, entitlements, limits and formulas vary by jurisdiction, statute, policy wording and the facts of the case. This is not legal, tax, insurance or financial advice — confirm with a qualified professional or the relevant authority.
From your actual losses over a three-year window compared with expected losses for your class and size, with claim frequency weighted more heavily than severity.
Because frequency is more predictive of future losses and more controllable. Rating formulas deliberately penalise many small claims.