Your premium rate summary statement provides your current premium rate details and what they're projected to be in the future.
The premium rate section includes, your rate, your projected rate, your NAICS class and code and your predominant class information.
Your rate is the actual rate that you will pay each year and your projected rate provides the future direction that your rate is headed if there is no change in your individual and class experience from year-to-year.
Your six-digit NAICS code and class/subclass reflect the business activities you perform.
The predominant class refers to the business activity with the highest amount of insurable earnings and the class used when setting your premium rate.
If you meet our multi-rating criteria, you will have two or more premium rates on your statement. You must meet all of the following criteria to be multi-rated:
- You must properly segregate payroll for the business activity that you would like to have a separate rate for.
- Your business activities cannot form an integrated operation. The business activities cannot rely on each other for revenue generation or be offered together when you take your products to market, or form one line of production that equals one outcome.
- The business activity must be significant enough, meaning having a sufficient share of the payroll.