What is Code 33992?
Code 33992 is the North American Industry Classification System (NAICS) code for "Manufacturing—Other Manufacturing Industries." In Wisconsin, it covers a wide range of production activities that don't fit into more specific categories.
- What is Code 33992?
- How Wisconsin Determines Rates
- Key Rate Calculation Components
- Typical Rate Ranges for Code 33992
- Factors That Can Drive Up Premiums
- Strategies to Control Costs
- Invest in Safety Training
- Accurate Payroll Reporting
- Choose a Reputable Carrier
- Common Misconceptions
- Where to Find Your Exact Rate
- Summary
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How Wisconsin Determines Rates
Workers' compensation rates in Wisconsin are set by the Department of Insurance (DOI) and the Wisconsin Department of Labor & Industry (LDI). Rates are calculated annually based on a company's prior claims history, payroll, and the risk profile of the industry.
Key Rate Calculation Components
- Experience Rating: Past claim frequency and severity.
- Payroll Factor: Total wages paid to employees.
- Risk Factor: Industry classification (NAICS) and specific job hazards.
Typical Rate Ranges for Code 33992
While exact premiums vary, most Wisconsin employers in this sector pay between 1.5% and 3.5% of payroll. Below is a snapshot of recent rate ranges based on industry reports.
| Rate Category | Typical Percentage of Payroll | Notes |
|---|---|---|
| Low Experience | 1.5%–2.0% | Minimal claims history. |
| Average Experience | 2.0%–2.5% | Standard claim frequency. |
| High Experience | 2.5%–3.5% | Higher claims or severe incidents. |
Factors That Can Drive Up Premiums
- Frequent workplace injuries.
- High severity claims (e.g., surgeries, long-term disability).
- Inadequate safety programs.
- Inaccurate payroll reporting.
Strategies to Control Costs
Invest in Safety Training
Regular training reduces injury rates, which directly lowers the experience rating.
Accurate Payroll Reporting
Ensure all wages, bonuses, and overtime are reported correctly to avoid over‑charging.
Choose a Reputable Carrier
Some carriers offer risk‑management resources that help lower premiums.
Common Misconceptions
Many employers think higher premiums mean better coverage. In Wisconsin, coverage limits are standardized; premiums mainly reflect risk.
Where to Find Your Exact Rate
Employers can request a rate quote from the DOI's online portal or contact their insurance broker for a personalized estimate based on their specific payroll and claims history.
Summary
Workers' compensation rates for NAICS code 33992 in Wisconsin typically range from 1.5% to 3.5% of payroll, influenced by past claims, payroll size, and safety practices. Proactive safety measures and accurate reporting can help keep premiums on the lower end of that spectrum.