As a business with employees in Woodstock, GA you know you have to provide workers compensation coverage. This is not unique to just your company; it’s a general legal requirement in most states on businesses with part-time or full-time employees. However, the cost of a workers compensation plan is dependent on how many and the type of employees you have, and that can change dramatically over time. If one just compares what the employee roster looked like when the business was a startup, so when it turned into a small or medium-sized business, the difference can be dramatic both in numbers as well as the type of work people are performing.
Workers compensation premiums for Woodstock, GA businesses are originally set up as estimates for the year based on payroll, but instead of just a simple formula the figure is calculated by looking at the current employee body, what work they perform, and how many people fit into a given workers compensation code. A code represents the industry calculated risk for a given work function. So, obviously, the code for a construction worker or security guard is going to be a different risk valuation than for an accountant due to the nature of the job. How these codes add up for your business then influences the cost of your worker’s compensation plan premium paid for the year. A subsequent insurance provider audit then follows up and confirms the codes are correct because providers are also aware of employee rosters change over time as well.
As a business, you can ensure your codes are applied accurately from the start versus just a guess, which is common in the startup phase. And that could impact your premium significantly. The expert staff at Peter Laczko Insurance Inc. can walk your business through the code assessment process to fully understand how it works as well as to secure a plan that reflects your business properly. Give Peter Laczko Insurance Inc. a call today!
