Workers' Compensation
The rate is largely out of your hands. The class codes your payroll is assigned to, and the experience modification factor applied to it, are not — and both are audited far less often than they should be.
Scope
We review the classification and the ex-mod worksheet before we market the policy, because a misclassification corrected is worth more than a carrier switch.
Detail
Payroll assigned to a higher-rated code than the actual work justifies inflates premium every single year until someone looks. Splitting payroll correctly across codes is legitimate and well-established, and it is the first thing we check.
The experience modification factor is calculated from reported claims data, and that data contains mistakes — open reserves on closed claims, claims attributed to the wrong entity, medical-only claims not discounted correctly. Each one inflates your factor and every future premium.
At audit, subcontractors who cannot produce their own certificate are typically added to your payroll and charged at your rate. Collecting certificates during the year rather than at audit is the entire fix.
Free, confidential, and no obligation — with a written summary either way.
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Tell us what you are insuring and where it stands. If there is a non-renewal notice or an escrow deadline, say so — those move to the front of the line.
Prefer to talk? Call or text (305) 990-2753 or email team@haymakersre.com
FAQ
In California, essentially any employee triggers the requirement, and the penalties for going without are severe. Owner and officer elections are a separate question and depend on entity type and ownership percentage.
It is a multiplier comparing your claims history to others in your class. Below 1.0 reduces premium, above 1.0 increases it. Because it is computed from reported data that frequently contains errors, it is worth auditing rather than accepting.
Sometimes. Correcting a misclassification or a demonstrable ex-mod error can produce a mid-term adjustment, and payroll reductions are trued up at audit. It is worth reviewing rather than waiting for renewal.
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See coverage →Premises and operations liability for owners and tenants, plus professional liability where the work carries advice as well as labor.
See coverage →Ground-up and renovation coverage sized to hard cost and schedule, with soft costs and delay in completion where the loan requires it.
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See coverage →Standalone earthquake and difference-in-conditions coverage — also excluded from every standard property form.
See coverage →Capacity above the primary tower — usually the cheapest limit you will ever buy relative to what it protects.
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