The Second Article of the Six part series

The Second Article of the Six part series: The 6 Things Every Employer Must Know About Workers' Compensation Insurance

The Million Dollar Question

How do you know if your business or Nike Shox R5, organization is being charged the correct amount for workers compensation insurance? I'm not talking about whether or not you think your premium is too high. I'm asking what procedure do you have in place to confirm that what your business actually does is properly reflected in your rate classification? I'm waiting...OK that's what I thought.

Does This Describe Your Company?

When you first went into the widget manufacturing business you understood that if you were going to have employees, you were going to have to buy workers compensation insurance. (If you didn't realize it now would be a good time to read my previous article). So you called your insurance agent and said you were about to hire your first employee. Your agent had always done a great job on your car insurance so you figured she's probably an expert at workers comp insurance as well. The agent came out and looked around your new business. She then consulted her trusty workers comp rating manual from XYZ insurance company and Nike Blazer,picked one of the available 330 classifications approved by the Pennsylvania Compensation Rating Bureau (PCRB) and assigned it to your business. The insurance company then charged you a premium based on your classification and your payroll. End of story right?