13 Apr Low Cost Workers Comp for Trucking Companies
Low Cost Workers Comp for Trucking Companies
Workers Comp for Trucking Companies, like any business, can be a costly overhead expensive. There are ways however to bring your rates down. In this blog, we will go over some of the most important things you need to know with respect to Workers Comp for Trucking Companies.
Low Cost Workers Comp for Trucking Companies – Do You Need Workers Comp?
Trucking Companies operations and Workers Comp needs tend to be unique in that they often have independent contractors or owner-operators that do that driving. Many Trucking Company owners think they can avoid purchasing Workers Comp by hiring their drivers as independent contractors rather than as employees. Regardless of what the requirements are, employers are often still liable for their employees and independent contractors if a claim does arise. With that said, it is critical that these employees and contractors have some form of protection, either by your business or by them purchasing coverage for themselves.
Low Cost Workers Comp for Trucking Companies – Classifying Employees
The most common class code used for Trucking Companies is 7219, however, this is not always the correct class code. There are several additional class codes that may apply to your company, depending on your operations. For example, you can often use the clerical, 8810, class code for employees that are working in a clerical capacity. There are also other class codes that may apply depending on the type of goods being hauled. Properly classifying your Company’s employees can go a long way in getting your Workers Comp premium lowered.
Low Cost Workers Comp for Trucking Companies – Shopping for Workers Comp
Shopping for a new Workers Comp carrier annually can make a big difference in your Workers Comp rates. This is because the rates and guidelines for the Workers Comp carriers are always changing. A company that may have been too expensive last year could very well be the most competitive market this year. This also makes it especially important to work with an Insurance Broker that specializes in Workers Comp and follows changes in the marketplace closely. When shopping your Workers Comp, make sure to give yourself plenty of time ahead of renewal as your Broker will need to obtain Loss Runs and submit your application to several companies with ample time for underwriting.
If you would like to learn more about finding Low Cost Workers Comp for Trucking Companies, we would love to help! 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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