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More Premium Savings for Affida Clients

Case Study 3

Affida was engaged to review a new Clients Workers Compensation Policy including the industry classification that they were rated under at the time the classification rate was Supermarket and Grocery Stores with a rate of 4.356% .

From our investigations we discovered that aside from the grocery store there was also a retail hardware business. Although owned and operated by the same employer the businesses were quite distinct. The Employer was actually in the process of physically separating the business by way of separate entrances due to the difference in operating hours.

Affida concluded that aside from the physical separation, the two aspects of the business could operate in their own right and were not interdependent. As a result Affida applied to the insurer that a split classification should apply under the existing policy.

The insurer agreed and an additional classification of Domestic Hardware and Houseware Retailing with a rate of 3.087 % was applied. This amendment resulted in a premium savings of $56,563.

Split classifications can be difficult to obtain when the different aspects of a business are dependant on each other. When a business has distinct aspects that could operate as a stand alone the possibility of a split classification becomes possible.

To see the services offered by Affida and how they may be able to help you, please visit our Dedcate page – Affida – Workplace Insurance

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