The cost of workers' compensation insurance is based on the hazards associated with the type of jobs related to the employers' business classification. Each business has a major classification or governing class that identifies it as a certain type of business. The classifications are designed so that job costs are determined by multiplying a rate that is assigned to a specific classification for every one hundred dollars of payroll to the payroll in that classification. The final cost is usually impacted by the employer's loss history.
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