Well, this IS the Insurance Journal we’re talkin’ about here…don’t see too many Pulitzer nominations in it’s future for editing or comprehensive writing, for that matter!
WCOMP Premium is based on payroll. However, the NY State Fund also checks sales figures and if they think your payroll is “understated” they will arbitrarily increase your payroll (and premium) to whatever they feel is appropriate…and good luck trying to fight them on it!
Payroll IS the exposure and premium basis for the calculation of Workers’ Compensation premiums. Sales has absolutely nothing to do with premium computations. It appears that either the person writing the article is insurance-ignorant, or as been misinformed by another source.
I am just glad to see someone busted for this, when many honest businessowners struggle for being honest. Glad the law in NY makes it a felony; I am not sure how GA law applies, but it should have more teeth.
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Well, this IS the Insurance Journal we’re talkin’ about here…don’t see too many Pulitzer nominations in it’s future for editing or comprehensive writing, for that matter!
Jus’ wonderin’…?
No.
It is Payroll. All states use payroll, as far as I know.
WCOMP Premium is based on payroll. However, the NY State Fund also checks sales figures and if they think your payroll is “understated” they will arbitrarily increase your payroll (and premium) to whatever they feel is appropriate…and good luck trying to fight them on it!
Payroll IS the exposure and premium basis for the calculation of Workers’ Compensation premiums. Sales has absolutely nothing to do with premium computations. It appears that either the person writing the article is insurance-ignorant, or as been misinformed by another source.
I am just glad to see someone busted for this, when many honest businessowners struggle for being honest. Glad the law in NY makes it a felony; I am not sure how GA law applies, but it should have more teeth.