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(Available to Admin Users Only)
The payrolls in the example above were provided by your insurance carrier and are used to determine estimated premium at the beginning of your policy term.

The resulting sum of the class premiums plus additions/credits is then used to calculate a “net rate.” The net rate times actual payroll is the formula used to calculate the workers’ compensation premium for each payroll.

Please see a more detailed description of each column below.

1. Class Code

The classification system was designed to group employers having similar operations into the same classification(s). Then the rate charged for each classification reflects the exposures that are common to these employers. The class code is a four-digit code which identifies the operations within your business.

2. Class Code Description

A four-digit class code can have more than one “phraseology.” A phraseology (defined by an additional two-digit code) is a descriptive wording of the specific classification assigned to the insured’s operations (business).

3. Estimated Payroll

This column is the estimated payroll provided by the insured or their agent at the beginning of the policy term. This payroll is used to calculate the estimated premium for the policy.

4. Base Rate

This is the rate assigned to a specific class code.

5. Base Premium (Estimated)

Estimated Premium = (Estimated Payroll/100) * Base Rate

6. Net Rate

The “Net Rate” is calculated by multiplying the Base Rate by the Net Ratio according to the following formula:

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7. Net Rate Premium

Estimated Premium = (Estimated Payroll/100) * Net Rate