This guest blog post is brought to you by Chris Howlett at The Ambassador Group:
The first step is to ensure that you haven't over-estimated the annual ratable payroll. If the Owners have elected to exclude themselves from coverage make sure their income isn't included in the workers compensation annual payroll.
Secondly, try to enroll in 'pay as you go' with your insurance carrier. In the past, premiums were based on an estimated annual payroll. Now premiums can be paid monthly based on actual payroll, preventing a bill at the end of the year for under estimating your payroll.
Finally, make sure your agent has placed you in the correct employers classification. If 50% of your payroll is office staff with the remaining 50% are deep sea crab fisherman, the rating can be split. If your whole payroll is classified as deep sea crab fisherman, your premium will be much higher.
Remember, if you have employees and don't carry a workers compensation insurance policy, you're breaking the law. Find other ways to reduce your insurance premiums by visiting our website, or Find us on Facebook.