Premiums for Workers' Compensation insurance are based on which of the following factors?

Premiums for Workers' Compensation insurance are primarily based on the type of work performed. This is because different occupations carry varying levels of risk associated with workplace injuries. For instance, jobs in construction or heavy manufacturing might have higher premium rates due to the increased likelihood of accidents compared to lower-risk jobs in sectors like office work.

While the other factors—such as the number of employees or geographic location—can influence overall costs and risk assessments, the type of work performed is the key determinant. This approach allows insurance providers to accurately assess the level of risk associated with specific industries and set appropriate premium rates accordingly. Length of employment, while potentially relevant for other types of insurance considerations, typically does not directly affect Workers' Compensation premiums in the way that the nature of the work does.