The NCCI also considers employee commissions, bonuses, overtime, holiday, vacation, sick pay, incentive plans, profit-sharing plans, payments for tool reimbursements, the value of rental housing and lodging provided by an employer, the value of meals provided by employer, and the value of store certificates or merchandise given to employees. You can see already how the process for just reporting remuneration is lengthy. Minimizing your premiums Keep an eye on your payroll records and make sure your employees are correctly classified. For example, if a laborer was promoted to foreman, chances are he now has supervisory duties, which should lower your rate because that employee is no longer in a position where he could easily be injured. Changes in job descriptions might impact workers comp premiums and should be reported to your agent.
Some insurance companies provide premium discounts as a reward for safer working conditions.
Check with your insurance company to find out if you qualify. You may be eligible for a better rating if your company's claims history is lower than the industry average. This experience-rated coverage may require that you pay a minimum premium first, but might be worth checking into.