Start with payroll and job duties
The insurer estimates payroll by classification and applies its rate for that type of work. If your retail business also runs a warehouse, tell your agent what employees actually do so the insurer can review which classifications apply.
What does the math look like?
If a classification has $100,000 in estimated payroll and a rate of $2 per $100, the starting premium for that classification is $2,000. That’s an illustration. Your actual price can also reflect an experience modification, credits, charges, or a minimum premium.
Compare the assumptions
Put the payroll estimates, classifications, and rates side by side. A quote with less payroll listed can look cheaper upfront and still lead to a larger bill at audit.
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