Correct Job Classification and Cost Containment are Two Areas to Reduce Premium

Workers compensation insurance is a necessary product when you have employees with each state mandating this type of coverage.  In Colorado, there are several key areas to consider to potentially reducing your premium if you're a cannabis operation. 

The correct job classifications of your employees is critical.  There is a significant difference in premium for employees working at a store versus a cultivation facility, bakery, or extraction company.  In fact, Greenpoint Insurance Advisors, LLC was the first insurance broker to have the workers compensation insurance industry recognize a different classification code for employees working at a extraction company as opposed to other manufacturing or bakery job classifications.  This change resulted in certain clients saving thousands of dollars on their insurance premiums in Colorado.  

Another area to reduce your insurance premium is through a "Cost Containment" program.  Essentially, a program that incorporates certain safety standards within the company that leads to a percentage reduction in your pr...more