E439: Stay On Top Of Your Workers Comp Insurance

Workers comp protects you and your workers so don’t take it lightly.

 

  1. Workers comp is important insurance in the construction industry
    1. It protects our company in the event that someone is injured
    2. It protects our workers in the event they are injured
    3. It deserves some attention
  2. Key things to understand about workers comp
    1. Worker classifications
      1. Your rates are determined by the classification of the work your employees perform
        1. A common labor versus an iron worker
        2. An equipment operator versus a clerical worker
      2. Your rates are adjusted based on audits of your payrolls
    2. EMR – Experience Modification Rating
      1. This is a rating of your past performance as it relates to claims and safety
      2. This rate is a multiplier that is used to adjust your total premium
        1. If your premium is calculated to be $100,000 and your EMR is .80 you will pay $80,000 not $100,000
    3. Make sure your agent understands your business and represents you properly
  3. With an understanding of these key things we can do our part to help control the costs of W/C
    1. Ask your agent questions to make sure they understand your needs – if not get an agent that specializes in construction
    2. Manage your payroll closely and make sure you classify your workers properly
    3. Work to lower your EMR – safety is key
      1. This is an added benefit of our focus on safety
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