17 Sep Low Cost Workers Comp for California IT Companies
Low Cost Workers Comp for California IT Companies
IT Companies, depending on operations, can have some of the lowest Workers Comp rates in the industry. There are several factors that go into obtaining these low rates, we will break them down for you in this blog.
Low Cost Workers Comp for California IT Companies – Software Classifications
Like with any company’s Workers Comp, properly classifying your employees is critical to obtaining low Workers Comp rates. Many software-oriented IT companies make the mistake of classifying employees as clerical when they should be classifying the employees as computer programmers, class code 8859. The computer programming class code, 8859, is one of the lowest rated class codes in Workers Comp, even lower than clerical rates. In addition, for IT Companies that are
software-oriented, you can include your clerical payroll under this 8859 class code as well. This minor change can net substantial savings, especially for companies with large payroll.
Low Cost Workers Comp for California IT Companies – Hardware Classifications
For those IT Companies that are involved with hardware manufacturing or installation, proper classifications become even more important. Depending on your IT Company’s operations, there are several class codes that may apply. These class codes include 3681-Computer Equipment Manufacturing, 8062-Computer Stores, 5191-Computer System Installation, and there are more. These Class Codes have different rates, some of which can affect your premium substantially. It is also important to remember that clerical and programming employees can often be separately classified, which will also bring the premium down significantly.
Low Cost Workers Comp for California IT Companies – Credits and Discounts
One of the best ways to lower your Workers Comp premium is by obtaining additional credits on your policy. There are a variety of credits that you may be eligible for, depending on your business. Many carriers will offer credits for having several years of continuous coverage. Often times you can also obtain credits for having a formal safety program in place. Lastly, you may be eligible for additional credits if you have a clean loss history. It is important you ask about these credits, as they aren’t always included by default.
If you would like to learn more about Low Cost Workers Comp for your IT Company, give us a call at 925-297-4829.
All information is general in nature and is intended to provide guidance only. It is up to you to request specific coverage options, the agency and agent do not bear this responsibility. Always read the policy if there is a questions about coverage or a claim. If any information herein should conflict with your actual policy’s specific language, the policy language will be controlling.
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