How are prices Generated for Workers Compensation? Class Code Collapse Each class code has a rate usually determined by the State, in NJ it is determined by the NJ Compensation Rating & Inspection Bureau (NJCRIB for short) Payroll Expand Your premium is based on your projected gross annual payroll. Payroll includes salary, benefits, bonuses, and more. You will be audited at the end of the policy term to make sure it is correct. Experience Modification Rate Expand This is what the insurance industry uses to compare your insurance history against industry averages to predict the risk of future claims. A new business starts off of with an experience modification rate of 1.0 Explore Life Insurance-Get Multiple rates in seconds! Client Center-Access Your Policy Online 24/7 here Request a Quote Your name Please enter your name. Business Name Please enter a subject. Your email Please enter a valid email. Your message Please enter a message. Send Message Sent! Message failed. Please try again.