COIDA CLASS RECLASSIFICATION

Many enterprises face challenges due to the incorrect classification of their day-to-day operations, leading to inflated premium rates that could be mitigated. We collaborate closely with Compensation Funds to ensure that your company records are accurate and up-to-date. Our expertise in this area enables us to correctly reclassify your business’s activities, which can result in substantial cost savings and ensure adherence to regulatory standards. Misclassification can cause an overestimation of risk, thereby unnecessarily increasing financial obligations. By rectifying these classifications, companies can potentially save significant amounts on their insurance premiums.

For example, a manufacturing firm initially placed in a high-risk category might, upon a detailed evaluation of its specific operations and implemented safety protocols, be more appropriately categorized under a lower-risk classification. This reassessment process can lead to a noticeable decrease in insurance premiums, thereby allowing the company to allocate resources more strategically and effectively. Industry data reveals that businesses undergoing reclassification often witness a reduction in premiums by as much as 20%, which translates to considerable financial relief.