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Keeping Worker's Compensation Costs Down
The cost of workers' compensation insurance is within your control. If you take some time to understand how the system works, how your premiums are calculated, and what options are available, you will be able to keep your payments low. Here are 8 cost-saving moves to investigate with your workers' compensation insurance agent.
1. Make sure your classification is correct
Check that your company and employees are properly classified. Misclassification is one of the most common reasons for overpaying on workers' comp. Non-hazardous jobs have much lower rates than those for hazardous ones. If you misclassify even one worker into a high hazard job, your total premium can increase significantly.
To do independent research on classifications and rates, look for a copy of "The Scopes of Basic Manual Classifications" published by the National Council on Compensation Insurance, Boca Raton, FL. This manual gives descriptions of what operations are handled by the more than 700 different classifications.
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