Workers Compensation Insurance Calculator

A man with a cast on his arm is writing on a clipboard.

How are Workers' Compensation Premiums Calculated?

Workers compensation insurance is a specific type of protection that gives employees assistance in the event that they are injured or become ill while on-the-job. Note that while this is similar in concept to disability insurance, they are not the same thing and should not be treated as such.

Workers' compensation insurance, which is legally required most of the time for employers, specifically covers illnesses and injuries that are sustained while someone is performing the duties required by their job. Disability insurance also covers any injuries that someone might sustain while away from work, assuming that it still renders them unable to return to their employer.

Factors Influencing Workers Comp Insurance Costs

Just a few of the major factors that influence the amount your average business will pay for workers compensation insurance include but are certainly not limited to ones like:

Employee Classification. Every state has classification codes that vary depending on the type of work that an employee is performing. Each classification code has a rate associated with it, which is listed as per every $100. Therefore, the rate that you pay per employee will be influenced by their current classification.
Payroll Size. Workers' compensation rates are heavily dictated based on the amount you have in payroll. The more money you pay out to employees, the more you'll end up paying for workers' comp insurance as a result. Generally, the index rate is pretty stable across the state. Even still, more employees will equate to more money going to your insurance provider every month.
Claim History. As is true with most types of insurance, the amount you'll pay will be heavily influenced based on how often you "use" the insurance. The more claims you file, the riskier your business is seen in the eyes of the insurance provider. Therefore, they'll likely raise your rates in an attempt to secure the highest profit possible - meaning that you'll end up paying more than a business that never files any workers comp claims at all.
Industry Risk Factors. Again, it's important to look at workers' comp costs through the lens of risk. By taking you on as a client at all, insurance providers are assuming a certain amount of risk if a claim should be filed. Some professions are inherently riskier than others. If yours is a business with three employees who work in a safe, traditional office all day and never see outside customers, you'll pay less than an electrical contractor business filled with employees who work in dangerous environments all day long.
Location. This is a major factor in how much you'll pay for workers' compensation insurance as things like cost of living and average medical expenses will be taken into consideration. If your business operates exclusively in an area with high medical costs, you'll need to pay more for workers' compensation insurance because of it.

Premium Rates in Georgia

As is true with other types of insurance like general liability insurance in Georgia, premium rates can vary wildly depending on all the factors outlined above. Even the industry that you're operating in will play a role in how much you can expect your premiums to be.

Coverage Options for Georgia Businesses

Having said all of this, just because workers' comp in Georgia is rigidly managed doesn't mean that you lack options when it comes to the type of coverage you receive. Different carriers provide different packages, and you can always include optional types of protection depending on the unique threats that you face.

Note that the more coverage you add, the higher your premiums will go as a result. But when you consider the level of protection that you're offering to your employees, and the legitimate competitive advantage you're creating for yourself at the same time, it's an investment that most people find to be more than worth it. At BIS Benefits, we'll help you understand your coverage options in Georgia so that you can make the most informed decision possible at all times.

A man with a broken arm is writing on a clipboard next to a hard hat.

What Businesses Typically Pay for Workers' Comp Insurance

Generally speaking, it is estimated that you will pay roughly $1.64 for every $100 of payroll. Although again, there are exceptions to every rule and, depending on the size of your business or even the type of work people are doing, you could come in far higher than that number in certain circumstances.

At BIS Benefits, we'll leverage the power of our relationships with today's top carriers to your advantage. We'll shop around to help you find the best rate automatically. We do this so that you can have the peace-of-mind that only comes with knowing you're providing people with the best workers' compensation insurance in the most cost-effective way that you can.

Contact BIS Benefits for Expert Guidance

At BIS Benefits, we understand how important insurance and other benefits are to your ongoing success as a business. In many ways, putting together the right benefits package is one of the cornerstones of your competitive advantage - it helps you attract and retain top talent.

But at the same time, your workforce is every bit as unique as your business - meaning that there's no "one size fits all" approach to insurance coverage in particular. That's part of the reason why we've designed tools like our handy workers comp calculator to help you not only get your expectations in order regarding what you need to provide to your workers, but to help make sure you put your best foot forward at all times. Regardless of how long this process takes or how many difficult decisions you need to make, we'll proudly be by your side every step of the way.

If you'd like to find out more information about how much the appropriate amount of workers compensation insurance will cost your business, or if you'd just like to discuss your organization's own needs with a team of passionate professionals in a bit more detail, please don't hesitate to contact us today. You can also click here to request a quote for your own custom benefits package.

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What Employee Benefits Do Georgia Workers Want in 2025?

by Drew Holley • 17 January 2025

Key Insights on Employee Benefits for Small Businesses in Georgia Employee benefits play a pivotal role in attracting and retaining talent, particularly for small businesses striving to compete with larger corporations. BIS Benefits has partnered with Mployer Advisor to bring you an exclusive 2025 Employee Benefits Benchmarking Report, tailored specifically for businesses in the South Atlantic region with 25–49 employees. This blog highlights key findings from the report and how they can help you craft a competitive benefits strategy. Want to dive deeper? Download the full 2025 Employee Benefits Benchmarking Report to gain actionable insights and trends tailored for businesses like yours. Key Findings from the 2025 Employee Benefits Benchmarking Report 1. Medical Benefits: Affordability and Trends 76% of employers in the South Atlantic region offer medical benefits, with 63% of employees enrolling. On average, small businesses contribute $580 per month for single coverage and $707 for family coverage —in line with regional benchmarks. High-deductible health plans (HDHPs) with health savings accounts (HSAs) are gaining traction as cost-saving options. What this means for your business: Offering at least one affordable plan option with employer contributions around regional averages helps you stay competitive in the labor market. 2. Supplemental Benefits: A Strategic Edge Dental and vision benefits are offered by over 80% of employers in this cohort, with high employee enrollment rates of 98% and 93%, respectively. Life insurance payouts are commonly structured as multiples of earnings, with the majority of plans offering 1–2x salary coverage. Voluntary benefits such as critical illness and accident insurance are being increasingly adopted to attract talent without significant cost increases. Takeaway: Supplemental benefits can enhance your overall offering without breaking your budget. Highlight these options to potential hires to differentiate your package. 3. Retirement and Financial Benefits: Securing the Future 91% of employers offer defined contribution retirement plans (e.g., 401(k)), with 74% of employees participating. Employer matching contributions average between 4%–6% , a vital component in employee retention. Auto-enrollment and auto-escalation features are becoming standard, simplifying the process for employees and increasing participation. Action Step: Ensure your retirement plan includes competitive matching and user-friendly features like auto-enrollment to boost engagement. 4. Leave and Flexibility: Meeting Modern Expectations Consolidated leave programs (combining sick, vacation, and personal days) are offered by 69% of employers , reflecting a trend toward greater flexibility. Remote work options and flexible schedules are growing in popularity, with 40% of businesses offering work-from-home arrangements . How to stand out: Consider adding or expanding remote work policies and flexible scheduling to meet employee expectations in 2025. Why Download the 2025 Employee Benefits Benchmarking Report? This comprehensive report provides: Regional and national comparisons to help you understand how your benefits stack up. Detailed insights into cost-sharing, plan designs, and employee preferences. Actionable data on emerging trends like HDHPs, flexible leave policies, and wellness programs. The report equips Georgia small businesses with the knowledge needed to craft a competitive benefits package that aligns with employee needs and business goals. Download the Report Today Don’t miss out on the opportunity to gain insights that can transform your benefits strategy in 2025. Download the full report here by entering your email address and receive actionable data to help your business attract and retain top talent.

HDHPs: How High Deductible Health Plans Can Save Money for Employers and Employees

by Drew Holley • 6 January 2025

High Deductible Health Plans (HDHPs) are transforming how employers and employees manage healthcare costs. By offering lower premiums and pairing seamlessly with Health Savings Accounts (HSAs) , HDHPs provide a strategic way to save money while maintaining access to quality healthcare. In this article, we’ll explore how HDHPs work, their benefits for employers and employees, and how to maximize their potential. To learn more about the benefits of HDHPs and related options, visit our Group Benefits page . What Are HDHPs? HDHPs are health insurance plans characterized by higher deductibles and lower monthly premiums. These plans encourage smarter healthcare spending, as individuals must pay for medical expenses out-of-pocket until their deductible is met. A significant advantage of HDHPs is their compatibility with HSAs. HSAs allow employees to save pre-tax dollars for qualified medical expenses, reducing taxable income and providing a long-term financial safety net. Unlike Flexible Spending Accounts (FSAs), HSA funds roll over year after year, making them an ideal savings tool. To better understand the differences between HSAs and FSAs, check out our detailed guides on Health Savings Accounts and Flexible Spending Accounts . The Employer Advantage: Cost Savings and Competitive Benefits Employers benefit significantly from HDHPs because they reduce overall premium costs while providing employees with greater flexibility. These plans can be part of a larger strategy to attract and retain top talent, especially when paired with proper education about HSAs. Offering HDHPs demonstrates a commitment to cost-effective, forward-thinking benefits management. Businesses can tailor these plans to align with workforce needs, ensuring employees feel supported while keeping costs under control. For help designing a comprehensive benefits package, visit our Group Benefits page for insights on tailoring solutions for your team. The Employee Advantage: Affordable and Flexible Coverage For employees, the main draw of HDHPs is their affordability. With lower premiums, employees can save on monthly healthcare costs while taking advantage of HSAs to manage out-of-pocket expenses. HSAs offer employees tax savings, flexibility, and long-term benefits, making them an excellent choice for those planning for future healthcare needs. This is especially valuable for individuals and families who don’t anticipate frequent medical expenses but want to ensure coverage for unexpected costs. Learn how to maximize your savings with our guide to Health Savings Accounts , a vital companion to any HDHP. Key Differences: HSAs vs. FSAs While both HSAs and FSAs offer tax advantages, they differ significantly in how funds are managed. HSAs allow for funds to roll over indefinitely and are owned by the employee, even if they change jobs. FSAs, on the other hand, are subject to the "use it or lose it" rule, meaning unspent funds may be forfeited at the end of the year. Employees using FSAs should familiarize themselves with rollover and grace period options to avoid losing money. To better understand how these accounts compare, check out our Flexible Spending Accounts overview . Industry Trends: HDHPs Are Gaining Momentum HDHPs are increasingly popular across various industries, from technology to manufacturing. Businesses see these plans as a way to manage rising healthcare costs while still offering competitive benefits. As employers look for cost-effective solutions, HDHPs stand out as a forward-thinking option that balances affordability with quality. Pairing HDHPs with educational resources ensures employees feel confident in navigating their healthcare choices. Key Takeaways For Employers: HDHPs lower premium costs while providing flexibility for employees. For Employees: When paired with HSAs, HDHPs offer significant tax advantages and long-term savings opportunities. For Everyone: Understanding the differences between HSAs and FSAs is essential for making informed benefits decisions. Whether you’re an employer or employee, HDHPs can be a game-changer for managing healthcare costs. To explore how these plans fit into your benefits strategy, visit our pages on Group Benefits , Health Savings Accounts , and Flexible Spending Accounts .

Drew Holley and Jessie Couch Discussing HSA and FSA

FSA vs HSA | Which One is Best for your Georgia Employees?

by Drew Holley • 12 December 2024

Use It or Lose It? Demystifying FSAs and HSAs Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) are popular options for managing healthcare expenses while enjoying some tax benefits. However, these two accounts differ significantly in how unused funds are handled at the end of the year. This difference can impact your financial planning and overall healthcare strategy. In this article, we'll delve into the "use it or lose it" concept, explore how it applies to FSAs, and compare it with HSAs, highlighting why it's important to understand these rules when making your benefits choices. For more information on HSAs and FSAs, watch the full episode of the BIS Podcast here or below. FSAs and the "Use It or Lose It" Rule FSAs have traditionally been governed by a "use it or lose it" rule. This means that any unspent funds in your account at the end of the year would be forfeited. This requirement made it crucial for employees to accurately estimate their healthcare costs and spend all allocated FSA funds before the year ended. However, since the introduction of the Affordable Care Act (ACA), things have changed. Today, many employers offer more flexibility with FSAs. Thanks to the ACA, employers may now allow employees to carry over a limited amount of unspent funds from one year to the next—originally $500, now adjusted for inflation to about $650. Alternatively, some employers may offer a grace period of up to two and a half months after the end of the plan year to use any remaining funds. It’s important to know what rules apply to your FSA so that you don’t leave any money on the table. To learn more about maximizing your benefits options, check out our guide on employee benefits strategy . HSAs: A Different Story Unlike FSAs, HSAs do not follow the "use it or lose it" rule. Funds contributed to an HSA remain in the account year after year, regardless of whether or not you use them. This is one of the key benefits of an HSA—you can build up savings over time to cover future medical expenses. Plus, the funds in an HSA are portable, meaning you take them with you if you change jobs or retire. This makes HSAs a valuable tool for long-term healthcare planning. If you're considering switching to a High Deductible Health Plan (HDHP) to become eligible for an HSA, it’s important to weigh the pros and cons. For more information about HDHPs and their compatibility with HSAs, check out our Health Savings Account service page . Making the Most of FSAs and HSAs Whether you choose an FSA or an HSA, it’s important to understand how to make the most of these accounts. For FSAs, knowing your employer's specific rules about rollover and grace periods can help you avoid losing funds. For HSAs, the focus should be on maximizing contributions, as the funds will continue to grow tax-free, providing a cushion for future medical needs. Both FSAs and HSAs can be used for a wide range of eligible expenses, including medical, dental, and vision care. If you want a comprehensive overview of your coverage options, our group health insurance page is a great resource. Additionally, if you work in a specialized industry like construction or technology, it's beneficial to explore options that are tailored to your needs. Industries like construction and technology have unique challenges that may impact the type of coverage you choose, including how you use tax-advantaged accounts like FSAs and HSAs. Key Takeaways About FSAs, HSAs, and the "Use It Or Lose It" Rule: FSAs : Historically governed by a "use it or lose it" rule, thanks to the ACA, employers may now allow employees to carry over a limited amount of unspent funds from one year to the next—originally $500, now adjusted for inflation to about $650. Be sure to understand your employer's policies. HSAs : Funds roll over year after year and are portable. HSAs offer significant long-term savings opportunities, particularly for those on HDHPs. Plan Carefully : Knowing how these accounts work can save you money and help you better prepare for healthcare costs now and in the future. To get more insights into how you can make the most of your employee benefits, visit our resources page and discover helpful tools to make informed decisions for yourself and your family.