Mistakes in a workers compensation insurance program can occur when business owners try to manage the program alone. Your insurance agent and your workers compensation carrier offer important assistance that can alleviate some of your burden and enhance your loss-prevention efforts.
For example, with an average of more than 500 job classifications, discussing job duties with your agent may help clean up any mistakes or misclassifications that could get you in hot water with regulators and employees. Properly classifying workers can be complicated, but your agent and insurer are experts at regulatory language. In fact, your agent is an excellent resource to interpret, explain and simplify any terms and conditions that are outside your scope of knowledge.
Audits are also daunting, but you don't have to go it alone. Your agent can help you with solid advice on recordkeeping and preparations that may make audits go more smoothly. Additionally, your agent can advise you on your experience modification factor and how to keep that rating accurate and favorable, since it is a key component in assigning your premium rates.