18 Mar Low Cost Workers Comp for Concrete Construction Companies
Low Cost Workers Comp for Concrete Construction Companies
Workers Comp for Concrete Construction Companies can be very expensive. For this reason, it is especially important to obtain as many discounts as possible. We will go over some of the things you can do to assure you are getting the Lowest Cost Workers Comp for your Concrete Construction Company.
Low Cost Workers Comp for Concrete Construction Companies – Employee Classifications
Concrete Construction Companies have several different class codes that may apply to their employees. The rates between these employees’ class codes varies significantly. With that said, make sure you understand the class codes that may apply to your employees. In many states there are dual-wage class codes that may apply to these employees. For instance, in California your employee will be eligible for a lower rate if they are making equal to or over $24 per hour. It may be favorable to pay your employees just a little bit more, as the difference between these two class codes can be as much as 50%.
Low Cost Workers Comp for Concrete Construction Companies – Implementing Safety Procedures
With Concrete Construction Companies, employee safety is of top concern for most carriers. For this reason, you can often discounts/credits by implementing a formal safety program. This safety program can include weekly or monthly safety meetings, a return to light duty plan, and/or a formal, written lock-out/ tag-out procedure. If you are unsure of how to implement these types of programs, check with your current carrier, as many carriers have resources available to help you implement these safety plans.
Low Cost Workers Comp for Concrete Construction Companies – Shopping Your Policy
As many Concrete Construction Company owners already know, the rates for Workers Comp are always changing. Your rate with the same carrier can go up or down from year to year, even if your payroll does not change. With that said, shopping your policy annually can help assure you are Insured with the lowest cost policy available. When shopping for Workers Comp, make sure you gather all of your prior carriers’ Loss Runs, as these reports will help your Agent/Broker request credits from carriers or get quotes approved that otherwise may have been declined.
Stone Creek Insurance workers with many Concrete Construction Companies, and we would love to help you as well.
Give us a call if you would like to learn more. You can reach our Workers Comp Brokers 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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