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Comp Classifications with Kevin Ring
Manage episode 489820457 series 2922251
In this Power Producers Podcast episode, David Carothers is joined by Kevin Ring, lead analyst at the Institute of Work Comp Professionals, for a deep dive into workers' compensation classifications. The discussion focuses on the challenges of ensuring that businesses are properly classified, the importance of getting class codes right, and strategies to avoid common mistakes that could lead to costly audits. With firsthand experience from multiple NCCI audits, David shares his insights on how to navigate the complexities of workers’ comp class codes and protect clients from unnecessary errors.
Kevin also covers the most recent changes in the industry, such as NCCI’s update to code 8720 for construction estimators, and explains how businesses need to stay updated on classification changes to avoid issues down the line. This episode is packed with practical advice for agents looking to stay ahead in the workers' comp space.
Key Highlights:
The Importance of Classifications
David and Kevin discuss why workers' compensation class codes are crucial and how an incorrect classification can result in higher premiums and audits. They emphasize the importance of understanding both the business operations and how they should be classified.
Navigating NCCI Audits
David shares his experience with NCCI audits, including the thorough process involved and how misunderstandings about class codes can lead to disputes. He explains why getting the right people involved upfront can prevent these issues.
Changes in Workers' Comp Classifications
Kevin discusses recent changes to class codes, including the addition of construction estimators to code 8720 and the merging of long-haul and short-haul trucking codes. He explains how these changes can impact businesses and how agents need to stay on top of these adjustments.
Understanding Standard Exception Classifications
Kevin explains standard exception classifications (like clerical, outside sales, and drivers) and how they can be applied separately from the governing class code. He also touches on the importance of understanding each code’s detailed criteria to ensure accuracy.
Classifying Businesses in Construction and Manufacturing
Kevin dives into the complexity of classifying businesses in industries like construction and manufacturing, where different activities within the same business can require separate codes. He provides examples of how to apply the right codes depending on the work performed.
The Role of Agents in Accurate Classifications
David and Kevin discuss the role of insurance agents in accurately classifying businesses and ensuring that clients’ operations align with the right class codes. They highlight how thorough knowledge and documentation can prevent issues during audits and save clients money.
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