What Are Secura Workers' Compensation Rates?
Secura is the largest private insurer of workers' compensation in Minnesota. The company sets premium rates based on a combination of statutory guidelines, industry classification codes, and company-specific underwriting data. The rates are expressed as a dollar amount per $100 of payroll and vary by occupation, payroll size, and claims history.
- What Are Secura Workers' Compensation Rates?
- How Secura Determines Your Rate
- 1. Classification Code
- 2. Payroll Volume
- 3. Claims History
- 4. Statutory Factors
- Sample Rate Table (Illustrative)
- Comparing Secura to Other Minnesota Insurers
- How to Get an Accurate Quote
- Managing and Reducing Your Premium
- 1. Improve Safety Programs
- 2. Regularly Review Classification Codes
- 3. Take Advantage of Discounts
- Key Takeaways
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How Secura Determines Your Rate
1. Classification Code
Every job title is assigned a National Council on Compensation Insurance (NCCI) classification code that reflects the inherent risk of the work. High‑risk jobs such as construction or heavy manufacturing receive higher rates than low‑risk roles like clerical work.
2. Payroll Volume
Secura uses a payroll‑based calculation. For example, a $50,000 annual payroll in a construction classification might attract a rate of $12.50 per $100 of payroll, resulting in a premium of $6,250.
3. Claims History
Insurers adjust rates based on an employer's past claims experience. A history of frequent or large claims can lead to a surcharge, while a clean record may earn a discount.
4. Statutory Factors
Minnesota law caps the maximum premium and requires insurers to maintain a "fair and reasonable" rate. The Minnesota Department of Labor & Industry provides a published rate schedule that Secura aligns with.
Sample Rate Table (Illustrative)
| Classification Code | Rate per $100 Payroll | Typical Occupation |
|---|---|---|
| 5310 | $12.50 | Construction Laborer |
| 5411 | $6.00 | Office Clerk |
| 5520 | $9.75 | Maintenance Worker |
Comparing Secura to Other Minnesota Insurers
When evaluating workers' comp coverage, employers should compare Secura's rates to those of other licensed carriers such as State Farm, Travelers, and Mutual of Omaha. Key comparison points include:
- Rate per $100 payroll
- Claims handling speed
- Customer service ratings
- Optional loss prevention programs
How to Get an Accurate Quote
Secura offers an online quote tool that asks for payroll, classification codes, and claims history. For larger businesses or complex operations, a licensed insurance broker can provide a tailored quote and help negotiate rate reductions.
Managing and Reducing Your Premium
1. Improve Safety Programs
Implementing robust safety training and monitoring can lower your claims frequency, which in turn can reduce future premiums.
2. Regularly Review Classification Codes
Misclassifying jobs can lead to higher rates. Ensure your payroll system accurately reflects each employee's job function.
3. Take Advantage of Discounts
Secura offers discounts for businesses that complete safety audits, maintain a low claims ratio, or enroll in their "Safe Worksite" program.
Key Takeaways
Secura's workers' compensation rates in Minnesota are driven by job classification, payroll size, and claims history within the framework of state law. By understanding these factors, employers can compare rates, negotiate discounts, and implement safety initiatives to keep premiums competitive.