Cheap Labor How to get a lower workers' comp premium

If the law says you need workers' comp insurance--and inmost states, it does if you have three or more employees--you maythink 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 productmanagement at insurance and financial services company TheHartford, offers these tips:

$ Classify employeescorrectly. Your policy shows classifications, jobdescriptions and estimated payroll. Review it for accuracy, andcontact your agent or carrier with questions.

$ Consider a deductible.Typically, workers' comp covers from first dollar, but Roylessays about 75 percent of states allow deductibles, which earn youpremium credits. Consider your claims history and the amount of thecredit when making your decision.