Call Us (919) 747-9002 ☰ ˟
Logo
Call Us (919) 747-9002 Quote
  • HOME
  • COVERAGE
    • Automobile
    • Business
    • Commercial Auto
    • DUI/DWI Auto
    • General Liability
    • Homeowners
    • Life
    • Trucking
    • Workers Compensation
  • QUOTES
  • CUSTOMER SERVICE
  • PAYMENTS
  • RESOURCES
    • Secure Area
    • Refer a Friend
    • Important Links
    • Insurance Glossary
    • Partners Page
    • News Center
  • BLOG
  • ABOUT US
    • About Us
    • Customer Testimonials
    • Privacy Policy
    • Location Map
  • CONTACT
    • Contact Us
    • Join Our Newsletter
White Space Auto
White Space Home
White Space Business
White Space Trucking / Transportation
White Space Life
White Space DUI Auto
Home > Blog > Can Adding Products or Services Change Your Workers Compensation Insurance Rates?
FRIDAY, MARCH 4, 2022

Can Adding Products or Services Change Your Workers Compensation Insurance Rates?

If you offer new products or services, it's possible that your workers compensation insurance rates may change. That's because the type of work that your employees perform is the primary driver in workers compensation insurance rates. 

How Workers Compensation Rates Work 
Like any other insurance coverage, workers compensation premiums are based on the risk that you'll file a claim. In this case, it's the risk that your employees will be injured on the job. Each state has a rating system that takes into account both the type of work your company does and specific job functions. workers compensation

For example, a company that uses heavy machinery will typically pay higher rates than a company that only does phone sales. The premium for a machinery operator will often be higher than the premium for an accountant in the same company. 

What Happens When Your Products Or Services Change? 

When your products or services change, that means you might be classified into a new industry or have new job titles. If the work is riskier than work you had been doing in the past, you might see a rate increase. Similarly, if the work has less risk, your rates could go down. If the changes to your business result in more worker injuries or fewer injuries and change the number of claims you file, your rates could also go up or down. 

Review Your Worker Classifications 

You should always periodically review your worker classifications, but it's even more important when you're changing your company's offerings or restructuring your employees. If you're using the wrong classification, you could be paying too much for workers compensation insurance. Or, you could be at risk of getting in trouble for not having adequate coverage or for having a claim denied. Even though states often periodically audit workers compensation premiums, do this on your own to avoid any potential problems. 
Posted 9:46 AM

Tags: workers compensation
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2023
  • 2022
  • 2021
  • 2020
  • 2014
  • 2012

  • trucking insurance(5)
  • auto insurance(5)
  • workers compensation(3)
  • general liability insurance(3)
  • workers compensation insurance(2)
  • general liability(2)
  • transportation insurance(1)
  • taxi insurance(1)
  • life insurance(1)
  • homeowners insurance(1)
  • dwi dui insurance(1)
  • home insurance(1)
  • medicare(1)
  • business insurance(1)
  • car insurance(1)
  • bop(1)
  • business owners policy(1)
  • dui insurance(1)
  • commercial insurance(1)

View Mobile Version
National General
Progressive
Travelers
Dairyland
Heritage
ASI
Mutual Omaha
The coverage you need, to always be prepared. Carolina Capital Insurance Group
Quick Links
Home
Get A Quote
Customer Service
Payment Options
About Us
Our Carriers
Blog
Contact Us
Location 1009 Bullard Ct. Ste. 201
Raleigh, NC 27615

P: (919) 747-9002

Facebook icon
Powered by Insurance Website Builder