Contractors in 20 states who are paying above-average wages may be eligible for a potentially significant workers comp insurance premium credit. The Contracting Classification Premium Adjustment Program (CCPAP) provides a premium credit on policies with one or more contracting classifications if the employer's average wage meets an eligibility threshold (which varies by state) and certain other qualifications are met.
The average credit in these states is roughly 14 percent. For a contractor with a $200,000 annual premium, that would be a $28,000 credit.
States Participating in the CCPAP: Alaska, Connecticut, Delaware, Florida, Hawaii, Illinois, Maryland, Massachusetts, Minnesota, Missouri, Montana, Nebraska, New Jersey, New Mexico, New York, Oklahoma, Oregon, Pennsylvania, Virginia, and Wisconsin.
Learn more about the Risk Management services from Connor & Gallagher OneSource.
The source of this workers comp insurance for contractors tip comes from: International Risk Management Institute, Inc. (IRMI)
