Every day at LG Insurance Agency, we review workers compensation insurance policies and offer price quotes for various businesses throughout New Jersey. We highly recommend that every business understands how they are being rated and how these rates can affect their overall insurance expense.
How Your Business is Being Rated Can Affect Overall Insurance Expense
In addition to reviewing workers compensation class codes, the audit and matching the audit and premium quotation with payroll is extremely important. There is nothing worse than having to make a down payment and an audit premium at the same time because these audits can be painful! Should you have any questions regarding other class codes or to review your workers compensation insurance, please call or email us your current declarations page to aaron@lginsuranceinc.com.
Workers Compensation Definitions and Class Rates for Popular New Jersey Classes of Business, Class Codes below:
9079 ($3.71) This code is typically used for restaurants, taverns and caterers. It is also used for temporary food stands at vendor operations. Under this class code, clerical employees can be classified separately and if done correctly, the business could save a lot of money.
8017 ($4.03) This code is for luncheonettes, deli operations and convenience stores. This classification is more expensive than the 9079 that is often used for these operations. If you own a bakery and have counter employees only, these employees can be set up on the 8017 and the bakers can be classified as 2003 ($10.15). Doing this can save significant money. 8017 is also the proper code for ice cream parlors, pet-shops, and other retail establishments.
7380 ($12.98) This code is for delivery drivers only. It is important in delivery operations to classify drivers properly. Yes, it is more expensive, but if your drivers are not classified properly and there is an accident, there could be severe consequences. This classification also qualifies for mobile food trucks.
5183 ($7.67) This code is set up for the local plumber and is applicable to gas, steam, water and pipe fitting. This code also relates to the installation and service of beer dispensing equipment. This code does not work for sprinkler installation as that is separately rated as 5188.
5437 ($13.24) This code is a carpentry code for interior work and often the handyman will fall into this category. If there is erection of homes or exterior work, that code is 5403 ($19.36) or 5645 ($19.36). Typically large construction projects get rated at this code.
8810 ($0.25) This workers compensation class code os for clerical employees only. Physicians and attorneys are separately rated under their specific class codes.
More About Workers Compensation Insurance
All content provided in this blog is for informational purposes only. Topics discussed on this blog relate to insurance products and issues in a general application and are not an offer of insurance, a guarantee of coverage, or applicable to specific and individual circumstances. Contact LG Insurance Agency for questions and information specific to your insurance needs.
