Home > Workmens Compensation > Are Your Employers Being Overcharged?

Are Your Employers Being Overcharged?

Compensation policies determine premiums. Part or full-time, commission sales, contract workers, outsourced manufacturing—these and more categories may be unfamiliar to the accounting department.

 

          Have you ever reviewed the classifications that are assigned to their business?

          Are you familiar with the compensation policies that determine their premiums?

          Do they qualify for standard and/or special exemptions?

          Do you know their injury experience rating factor?

          Are they subject to a special industry guideline?

          Do they have out-of state workers?

          Do they qualify for exempt employment classifications?

          What penalties can be imposed on their business?

What you do not know can cost them thousands. You may be able to get them a refund covering up to three years.

Special industry guidelines require safety inspections of equipment and documented meeting before the work can be started. If not, all hours and pay will be included in the highest basic assigned classification.

Out of state workers need to get a letter from the agencies involved to keep the business operations separate such as delivering material and installing them. Temporary work frames categories in different states may make a difference if that foreign corporation might have to pay premiums in both states.

This scenario applies to all small businesses, regardless of their assigned risk business classification. The high risk business classifications are targeted and re-audited frequently because of the high potential assessments. The State knows the small contractors do not keep records of units or hours on any job site.

Think about it, and all the new legislative statues passed last year lo0king for new tax revenues.

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Categories: Workmens Compensation
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