As a wholesaler, you’re always on the lookout for a way to reduce your overhead expenses. Whether it’s installing new energy-efficient lighting at the warehouse or switching carriers to reduce shipping costs, the fight to lower your expenses is a daily struggle. Machine wholesalers insurance policies offer a way to control costs that many businesses overlook: you can take control of your premium audits. By doing this, your company can prevent overcharges on your workers’ compensation insurance premiums.
Mistakes in Premium Audits Cost Your Company Money
When you learn the rules insurance companies follow to create your premium level, you can prevent inadvertent errors from affecting the outcome. These mistakes often lead to overcharges in your workers’ compensation insurance premiums. There are several steps your company can do before you meet with your workers’ compensation insurance representative to take control of this process:
- Gather all necessary paperwork for your company
- Ensure your employees are properly classified
- Remove all excluded remunerations from your payroll
- Gather certificates of insurance for all employee-insured subcontractors.
As a business owner, you should take the time to compile all the necessary paperwork and complete the required steps regarding payroll and employee classifications before you meet with your machine wholesalers insurance professional. These actions not only make their job easier, but you’re potentially reducing mistakes in the process, which can result in lower ongoing premiums.