R&R Insurance's Resource Center has put together a 2009 vs. 2010 class code rate comparison detailing the percentage increase or decrease.
Class code rates are determined by the amount of dollars spent on work-related injuries in a particular class code (typically by insurance carriers) which are then reported to the WCRB. All companies in Wisconsin contribute to the rate change of a particular class code. Therefore, if you and other businesses with the same class codes had a good safety record over the past few years, you all benefit by receiving a decreased class code rate per $100 of payroll. You can see that change in a class code like 3082 - Steel Foundries - Almost a $4 decrease per $100 of payroll.
We often comment that you can't control the rates in WI - they are what they are, and the only things that change the price of your work comp premium is the experience mod, and the workers compensation dividend (which have been ultra-aggressive this year). But, as an industry, you do impact the overall rate based on your individual performance and contribution to the "whole."
One more thought..
The WCRB sets the premium rate for each class with the approval of the Commissioner of Insurance. If you feel that your business is not properly classified or the premium charge is not proper, you can appeal to the WCRB for review of your situation. If you are still not satisfied with the WCRB’s decision, you may request, in writing, that the Commissioner of Insurance hold a hearing to review the WCRB’s decision.
