No. of Recommendations: 2 worker's compensation insurance...

Out of curiosity, and because it might help me in my work (insurance sales and agency management), do your employees keep time cards/booklets for hours worked under various WC class codes?

Construction trades tend to have a pretty wide variance in WC premium charges per $100 of payroll, from interior painting and trim, cabinet and flooring installation, to roofing, by way of example. Here, contractors can break up salaries paid by class code, but time cards are, generally, required for support, at least under policies written through the NCCI (National Council on Compensation Insurance.) Generally, the insurers won't just "accept your word for it", w/o supporting documentation, including time cards... somewhat of a PIA, but can save $10 to $20, give or take, in WC premium per $100 of payroll. If an insured is unable to adequately document/support, insurers tend to charge the highest class code premium, across the board. We've insured a number of small GCs who provided various construction functions, for whom we managed to help save several thousand per year in WC premiums, by way of going through this matter with them, but I am not sure how they specifically coped with the bookkeeping detail chores required... and, I am interested in learning more specifics to, hopefully, find a least inconvenient and efficient way (or 2) to effectively comply with the reporting requirements.

Thanks, very much,
Print the post  


UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.