New York Workers Comp Class Codes: An Important Component of Your Policy
Having the correct NY workers compensation class codes is truly important for business owners. In fact, any incorrect codes on workers comp insurance policies can result in higher premium costs. It can also be a lengthy process if audits are needed for worker’s comp policy review.
To ensure you have the right New York insurance codes, you must verify your existing information with local governing bodies and business insurance departments. Speaking to your insurance carriers and agents is another way to secure correct information across the board.
Avoiding Premium Amount Spikes
When incorrect workers compensation codes are used on policies, the premiums paid out will surely be higher. To ensure everything is in proper order, you must have a work comp review done. Whether via in-house or outsourced specialists, these insurance professionals can determine which codes are valid and which are not.
In the event that incorrect codes are present, there are ways to correct and rectify the situation. This includes code dispute resolution with your insurance company and business insurance agent. Speaking to NY business insurance agencies and monitors is another way to find timely and effective solutions. According to industry experts, the following options are always available for business owners:
- Speak to workers compensation consultants.
- Have your insurance agent look over the policy and amend or correct any wrong codes present (this may require a new policy which will be mailed to you or sent electronically).
- Stay in contact with all commercial insurance agents and underwriters before, during, and after the process is completed. This will prevent future coding problems from occurring.
- Schedule an on-site insurance inspection or audit to ensure every detail is current and up to date. This may be a slight hassle but is necessary in ensuring the codes represent the right employees and staff that are eligible for insurance or workers compensation.