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ways to manage workers’ comp insurance costs

Get certificates from subcontractors. 
If you hire subcontractors, obtain a certificate of insurance from each one in advance and review it to avoid unexpected charges. Pay special attention to certificates from sole proprietor and partnership subcontractors. If a sole proprietor or partner is excluded on the certificate and they have no other employees, you are responsible for their workers’ comp costs.

Be sure the proper workers’ compensation classification codes are being used. 
If your business operation changes and workers’ job duties change, be sure to tell us because it could change the classification code applied for certain jobs.

Track overtime separately from regular pay. 
If you blend the two, it will increase the audited payroll estimates and increase premiums. Fixing such mistakes requires extra work.

Apply allowed salary caps when reporting payroll. 
Do not exceed caps of $52,000 for each corporate officer or $38,000 for each partner or a sole proprietor. 

get answers to questions and compare options 

Don't let unanswered questions create situations that can be avoided with advanced planning. We've seen situations where an audit resulted in an unanticipated bill for over $50,000 because the business did not obtain or properly review subcontractor certificates. Our trusted associates can provide you with guidance to help avoid such situations. We also have access to a variety of competitively priced workers' compensation programs to help manage your costs.


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The information provided in these articles are only general descriptions and should not be relied upon as complete, correct or accurate for your specific situation. All coverage informaiton is subject to policy provisions, endorsements and may be  subject to your meeting underwriting qualifications. Murphy Insurance Agency is not engaged in rendering legal, accounting or other noninsurance professional services. Consult an appropriate professional for advice regarding your own situation.