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A Workers Compensation Term Definition
- Minimum Premium...
- The lowest amount at which an insurance company is willing to provide a workers compensation policy. Each insurer offering workers comp in any specific state will file their minimum premiums with the governing authority of that state. Here's an example of how the minimum premium works: Say an insurance company has set a minimum premium of $500. We'll assume your actual payroll is only
20,000 with a manual rate of .78 per $100 of payroll, when calculated your premium would be $156 ($200 X .78). But you would still have to pay the $500 minimum premium instead of $156.
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