How are workers compensation premiums determined?
To put it in simple terms: how much an employer pays for workers’ compensation insurance is determined by the number of employees, their total wages, the type of jobs they perform, and the employer’s history of accidents and claims. Insurance companies assign rates to each type of job, charging more to cover riskier jobs. While the rates are regulated by the S.C. Department of Insurance, it is a competitive market and the rates differ for different insurance companies.
