What is the maximum credit or surcharge under the Account Premium Modification Plan?

The maximum credit or surcharge under the Account Premium Modification Plan is indeed set at 25%. This plan is designed to adjust premiums for workers' compensation insurance based on the individual loss experience of an employer compared to the overall experience of others in the same industry. A credit can reduce premiums for employers with favorable loss experience, while a surcharge increases premiums for those with unfavorable experiences.

The plan encourages safe workplace practices and helps keep costs manageable for businesses. Understanding the specifics of this maximum percentage is crucial because it impacts how employers budget for their insurance costs and manage financial risk in regard to their workforce safety records.