SIC (Standard Industrial Classification) Codes

SIC (standard industrial classification) codes are often used by insurance companies to set rates for businesses; classifications are used to determine risk. Your SIC code will affect your liability and workers comp rates, and may also affect employee health insurance costs. If your business is in a higher risk classification it may be worth researching SIC codes and speaking with your insurance carrier(s) to see if a different code than the one you are currently under would still 'fit' your business and also reduce your insurance rates. OSHA provides a searchable directory of the codes here.

Tagged With: General Business,  Health Insurance,  Liability Insurance,  Workers' Compensation Insurance