Time to Revisit Your Payroll Numbers

Most businesses have been impacted by COVID-19 in some way: reduced sales, reduced workforce, or managing employees who must now work remotely.

Most businesses’ insurance premiums are being impacted by these changes, too, particularly Worker’s Comp and General Liability, because sales and payroll are the two largest insurance premium exposure bases for businesses. We want to make sure your business isn’t being impacted by paying for exposure you no longer have.

Your worker’s comp premiums are based on your payroll exposure, so if you’ve had to let people go during the pandemic, your policy pricing is now based on bad numbers. Your numbers from late 2019 and early 2020 could have changed significantly.

Depending on the insurance company, your policy may or may not be set up for an annual audit. So, you could be paying too much for your commercial insurance.

Depending on the industry you’re in, business insurance can seem complicated, so here are a few easy things for you to consider.

One

if you’re unsure of how your premium is calculated for your General Liability or Worker’s Comp coverages, have your agent take a look at it.

Two

Some insurance carriers allow you to report your payroll numbers in real time for your Worker’s Comp coverage. Your numbers are automatically up-to-date and your premiums are based on those real numbers, not outdated information.

If your Insurance carrier doesn’t allow you to report your numbers in real time, you might want to switch to one that does. And we can help guide to you a great resource.

Three

If you’re a business owner who is trying to do everything, payroll management is certainly something RaisinBread’s strategic partners can help you with.

These can be trying times for business owners and leaders. RaisinBread is here to assist. So, at the very least, revisit your payroll numbers with your insurance agent to make sure you’re not overpaying to protect your business.

And if you have questions about your business’ insurance, or you’d like to know more about our payroll management partner, please give me a call (402.540.0066) or email anthonywashington@myraisinbread.com. I’d love to learn more about your business and lend you an experienced hand.

Anthony Washington has 30 years in the insurance industry and has now created RaisinBread, an insurance tech company that makes commercial insurance simple for business owners to understand and purchase.