Many factors go into determining the cost of a workers’ compensation policy. Three major elements include classification codes based on the nature of your business, rates as determined by regulatory authorities by state, and payroll info.
Additional factors may include alcohol and drug-free workplace credits, waivers of subrogation, or experience modification.
Changes in your business may affect your coverage. This includes changes in ownership, adding, moving or closing a location, significant changes in payroll, or changes in the type of work being performed. It’s important to talk through any changes with your workers’ comp provider to understand how they may impact your coverage.
A premium audit is a periodic review of your business records to verify your payroll info and classification codes. Carriers do this to verify that all of your employees are classified correctly. They may perform premium audits in-person or virtually. During an in-person audit they will visit your business and review your operations and records.
Our experienced workers comp team helps companies with many aspects of dealing with workers’ comp. We’ll assist with setting up workers’ comp coverage, administering claims, and year-end audits. We also provide expertise and support to guide companies in complying with the law to ensure that they are fully compliant.
Some offerings may be restricted by industry or location. Inquire for details.
