The New York Jets, Rex Ryan, and Mark Sanchez have made many mistakes this NFL season, and paying too much for NJ workers compensation insurance shouldn’t be one of them! If you are a business owner you might be saying to yourself – “I don’t want to be like that disgraceful Jets offense, fumbling around with high NJ workers compensation insurance premiums. What can I do to minimize these premiums?”
Well mistakes happen, ask Mark Sanchez., and one big mistake in the insurance world are premium audit mistakes. You see, your NJ workers’ compensation insurance premium depends on the number of people you
employ and what risk classifications those employees fall into, which is based on
each person’s scope of employment. To determine these numbers, your
carrier will conduct an annual premium audit and set your company’s workers’ compensation insurance
premium for the policy period accordingly.
Long story short, premium audit mistakes can cause you to lose coverage or can unnecessarily
inflate your company’s workers’ compensation insurance premium, so it’s
important to ALWAYS prepare.
So back to the question of lowering these premiums. If you were the head coach, or rather the LEADER of your business you will want to designate a knowledgeable contact person for the
auditor who is familiar with your employees’ work. You will want to be sure to provide
accurate and detailed information, payroll documents included because without it, the auditor may
assume the worst-case scenario for risk exposure and increase your
premium. So if this was the NFL and you were the Jets, and your contact person was Mike Tannebaum, I’d have some bad news for you, not to mention very high premiums.
For Insurance in New Jersey, American Insurance Services Agency is
your Insurance Agent of choice. We offer affordable NJ auto, business
and home insurance coverage and policies.Contact us today online or by calling (732) 680-4444