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Good news about your work comp premium.......Arkansas has a great legal climate compared to most states.  It's very fair to employers and employees alike.  This combination has attracted healthy competition from many insurance companies which ultimately lowers the premium for employers in Arkansas who can pass savings down with higher wages to employees.  Many states border Arkansas have work comp rates double or triple per class code.

Taking this into consideration, just how exactly are premiums determined?  Simply put it's based on gross payroll, but unlike many policies such as auto or property, your work comp policy is subject to an audit. 
In other words, you almost pay a deposit during the year until final payroll can be determined once the year is complete.   
For example, your annual policy might estimate payroll to be $100,000.  At year end, you had a slow year and payroll was $80,000.  This will create a return premium due to the employer.  

Why have a work comp audit?  The logic stands more payroll = higher possibility of a claim.   Pretty straight forward right?  Well audits aren't always straight forward.................more on that in another post!

Stay safe and call one of our conveniently located offices in Stuttgart, Greenbrier, Conway, Little Rock, Forrest City, or Marianna to discuss your work comp needs!

click on this link to learn more!  http://www.mfsgrp.com/blog/
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