If an employee spends one hour a year working in a more expensive class code, the insurance company reserves the right to place 100% of his or her pay in this higher code. For example, a salesman who sells roofing products who declares he climbed on a roof once in the past year could have 100% of his pay placed under “roofing” instead of “sales.” This can be a difference between $40 per $100 of payroll or $1 per $100 of payroll.

May 14, 2018

What is an insurance audit?

Workers Compensation premiums are based on payroll. Throughout the policy period, the insured will pay an estimate of what they think the cost will be. At […]