A demolition company located on the Rte 495 belt with 21 employees and revenue of $8.1 million was experiencing high insurance premiums due to inaccurate job classifications. Additionally, the company was not taking full advantage of auditable workers’ compensation deductions. Finally, the company was also in the assigned risk pool and was required to make large down payments at renewal.
The Knight-Dik Workers’ Comp specialists determined that a lack of job descriptions and clarifications was causing lump sum payrolls to be assigned to the highest rated code on the workers’ compensation policy. In addition, the insured was not taking full advantage of the Massachusetts construction credit for employees being compensated more than $30/hour, as well as the overtime deduction.