Ask any small business owner about their annual workers’ compensation insurance audit and you’ll likely hear a sigh. The process is famously tedious and can be costly, primarily because many employers assume that their standard “gross payroll” is the amount insurance auditors use to calculate premiums. In reality, insurance carriers calculate your premium based on a highly-specific legal metric called remuneration, money or substitutes for money given to an employee for their services. While the National Council on Compensation Insurance (NCCI) sets standard guidelines for what counts as remuneration across most of the country, states love to write their own…
Posts published in “Worker’s Compensation”
The subject of workers’ compensation is an expansive topic that we will tackle in a series of blogs. Part I will cover who is covered, and future articles will tackle wages, audits, and more. Workers’ compensation insurance is a requirement for just about every business operating in the U.S. There are few exceptions, which are determined at the state level; for example, Florida, where the requirement is four or more employees, including business owners who are corporate officers or Limited Liability Company (LLC) members, in a non-construction industry business. For a construction industry business operating in Florida, you only need…