If you have ever purchased an insurance policy, there will be thorough information on the policy’s factors. Such factors can define the premium of the policy (the amount that we pay for security). The same is the condition of getting the insurance policy for the worker.
Generally, the companies get worker’s compensation when they hire their employee. And there are many factors like ex mod workers compensation that can define the premium payable. Below are the factors that make an impact on the decision of the premium,
Type of work you do
- Desk job: If the person is doing such a job where there is no risk of life, they will get less compensation. It depends a lot on the type of work they do.
- Work on site: Whereas people who are working at the site have more risks of injury. It is not possible to work on a site that can be prone to injury. So it is the reason they have to give them more compensation.
The payroll of the workers
- High payroll: High payroll means high premiums. It is all about the percentage of payroll, and that determines their premium too.
- Low payroll: As we know, that the premium is determined with the payroll. So if the salary is low, then the premium that is dependable on that will be low. At this time, the companies can compensate them in different ways.
At last, there are many factors, but these two are the main ones that a person must know. With knowledge, there will be better service and a right to ask for what they deserve.