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Cheap Labor

How to get a lower workers' comp premium

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This story appears in the March 2002 issue of Entrepreneur. Subscribe »

If the law says you need workers' comp insurance--and in most states, it does if you have three or more employees--you may think you're stuck with the premium you're quoted. Not so. Some creativity and attention to detail can mean plenty of savings. Jim Royles, director of workers' compensation product management at insurance and financial services company The Hartford, offers these tips:

$ Classify employees correctly. Your policy shows classifications, job descriptions and estimated payroll. Review it for accuracy, and contact your agent or carrier with questions.

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