ExakTime saves money on workers comp insurance premiums

ExakTime’s time tracking system is a proven money saver in many different industries. With the ability to accurately track your employees’ time and attendance with either a portable time clock placed at the jobsite or on the road with their mobile device turned into a mobile time clock, you can guarantee that you won’t be losing money on your bottom line due to inaccurate timekeeping. Plus, think of all of the money, time and hassle you will save your bookkeeper by never having to process handwritten timecards that can be full of mistakes and possibly take twice as long to calculate as they do to fill out.

Another great way that you’ll be able to save money on your bottom line with ExakTime’s time tracking system is by utilizing the many different tracking features – in particular tracking cost codes. By tracking different cost codes – or job activities – down to the exact minute, you will be able to get a better idea on how efficient your workforce was and, possibly just as important, you will have records that can help lower your monthly workers comp insurance premiums.

Utilize ExakTime’s cost code reports to get the lowest possible premiums

Workers

While premiums may be based on the general duty of an employee, The ExakTime System’s ability to keep track of each job activity allows you to pay the rate for each task performed. If the industry that you are in normally yields a high premium due to one or more tasks that aren’t an everyday function, keeping track of your employees’ duties, task by task, will allow you to pay the lowest possible premium.

For instance, if you are paying high premiums due to a dangerous task that your employees may perform once a month, keeping track of every duty with different cost codes will mean that you won’t have to waste money on workers comp insurance premiums when those tasks are not being performed. You will be accurately paying rates based on each task to save your business money.

In summary, you’re not stuck paying for the riskiest work activity of each of your employees for an entire workday if he is not performing that activity the entire day. For example, let’s say you have a worker that does roofing and framing everyday at your jobsite. Roofing, the riskier job activity, accounts for a higher workers’ comp premium than sodding because there are more potential dangers involved while on a roof. If you don’t have accurate, automated reports that prove your worker was on the roof for just three hours during his eight-hour work shift, insurance companies will make you pay the higher premium for the full eight hours. Insurance companies do not accept handwritten, paper timecards as when determining your workers’ comp premiums.

With The ExakTime System, however, you can show your insurance company that you have an automated report that proves your worker was on the roof for three hours and on the ground for his other five hours at work. With this proof, you will pay a lower premium for that particular worker – and potentially many others.