Orlando, FL – Having the best Orlando workers’ compensation attorney can save thousands of dollars. For instance, if workers’ compensation insurance increases unexpectedly, it can severely damage your bottom line. Although there are many aspects of workers’ compensation that can be completely unpredictable and out of your control, there are steps that you can take in order to lower the costs of workers’ compensation as well as save money. Here are some tips that an Orlando workers compensation attorney can provide …
1. Pay Close Attention to Your Annual Payroll and Estimated Totals
Your estimated payroll costs of the year and your premiums are closely interrelated to one another. When you look at the estimated costs for the annual payroll, you can surely find ways to reduce the rate of workers’ compensation insurance. When it comes to estimates, you can only take your best guess and not end up with exact figures.
If you overestimate your payroll, there is no guarantee that you will be able to get your money back, and you could also end up paying more workers’ compensation insurance than necessary. Similarly, if you underestimate your payroll figures, you might end up owing a large amount of overpaid premiums.
2. Observe Reports for the Employee Payrolls Regularly
When you are applying the job codes for employees, always make sure to use the correct workers’ compensation job codes. These codes can vary a lot and if your employees are not coded appropriately, you might end up paying a lot or very little. For example, you have an employee who trims carpentry work and does minimal roofing, and you assign him a code of a roofer, you will end up at a disadvantage.
The rate of a roofer is much higher than that of a carpenter, and you could greatly improve the costs of workers’ compensation insurance if you would code his job properly and estimate his carpentry costs correctly. Keep your records accurate for all kinds of auditing purposes and never over or under-report the rates for it will be considered a fraud.
3. Use Qualified Specialists to Calculate Your Premiums
The easiest solution for lowering your costs of payrolls is by outsourcing your payroll related work from qualified specialists. There are skilled payroll processing organizations that are educated and trained to collect your workers’ compensation premiums accurately.
A lot of payroll specializing companies are designed to calculate workers’ compensation amounts, send a check on your behalf, write checks on your behalf and also withdraw your funds for workers’ compensation premium payments immediately.
4. Use an Employee Leasing Service
If you are an employer and find your role and responsibilities intimidating, then seek out an employment leasing service. An employee leasing company can handle the tougher challenges of the higher workers’ compensation costs and also lower the premiums of workers’ compensation insurance dramatically. With the help of an employee leasing company you can spend more time on actual management of your staff as well as properly focus on your business.
Orlando Workers Compensation Attorney Contact Information
Contact Vaughan Law Group’s Orlando Workers Compensation Attorneys today for your free initial consultation. You can contact Vaughan Law Group at (407) 434-0074.
