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Understanding Classification Rules in Workers’ Compensation

AMAXX

When it comes to managing workerscompensation, understanding classification rules is fundamental. These rules not only influence the amount you pay in premiums but also help ensure that your company is correctly classified based on the work it performs. What Are Classification Rules?

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Part 2: Workers’ Comp Independent Premium Audits Explained

AMAXX

In this three-part series, we are examining nine elements of independent premium audits to help you better understand and control your workerscompensation premiums. These foundational aspects are crucial for ensuring accurate premium calculations and avoiding costly mistakes.

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Mistake: Accepting Every Workers’ Compensation Claim

AMAXX

Many companies operate under an unwritten rule: accept every workers compensation claim, no questions asked. A well-managed workers compensation program should pay 100% of legitimate claimsand 0% of the claims that arent. You should consult with your insurance broker, attorney, or qualified professional.

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Part 1: Workers’ Comp Independent Premium Audits Explained

AMAXX

When an employer receives a revised workerscompensation premium bill, the accuracy of the bill can be uncertain and confusing. To ensure fairness and correctness, an independent premium audit is highly recommended. It is crucial to segregate payroll accurately by the correct classification codes.

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Understanding the Impact of Frequency and Severity on Workers’ Compensation Premiums

AMAXX

When it comes to calculating workerscompensation premiums, two critical factors play a significant role: the frequency and severity of claims. Understanding how these two factors interact can help businesses reduce their premiums and improve workplace safety.

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Part 3: Workers’ Comp Independent Premium Audits Explained

AMAXX

In this final part of our series exploring the nine elements of independent premium audits, we turn our focus to specialized situations and nuanced adjustments auditors carefully evaluate. Auditors disallow estimates, making precise documentation vital to receiving the intended premium savings associated with this exception.

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Understanding Classification Rules in Workers’ Compensation

AMAXX

When it comes to managing workerscompensation, understanding classification rules is fundamental. These rules not only influence the amount you pay in premiums but also help ensure that your company is correctly classified based on the work it performs. What Are Classification Rules?