Workers compensation system for determining a cost of insurance based on collecting selected data having a pre-selected relationship to a risk's business operations

摘要

A system is disclosed for determining a cost of workers compensation insurance for a selected time period based upon monitoring, collecting and communicating data representative of the risk's business characteristics, whereby the cost is adjustable by relating the business characteristics to predetermined standards. The system predetermines a risk profile and a base cost of workers compensation insurance based on said risk profile, monitors a plurality of data elements representative of an operating state of the risk or a payroll modification during the selected time period, collects selected data elements out of the plurality of data elements when said ones are determined to have a pre-selected relationship to the risk's business operations, consolidates the selected ones for identifying a surcharge or discount to be applied to the base cost, and produces a final cost for the selected time period from the base cost and the surcharge or discount.