Keep up with today’s trending topics: VISIT THE INSIGHT CENTER

WI Contractors Premium Adjustment Program Update

Construction & Real Estate, Property & Casualty

The Wisconsin Compensation Ratings Bureau (WCRB) announced that as of February 1, 2021, they will no longer issue reminders for employers to apply for the Wisconsin Contractors Premium Adjustment Program (WCPAP) credit.

WCPAP gives a credit to employers that offer a higher than average wage to their employees. This program was developed by the state of Wisconsin to help level the playing field for contractors by offsetting the financial impact of higher premiums due to higher payrolls.

Historically, the WCRB sent out reminder post cards as a courtesy. Moving forward, on policies renewing July 1, 2021 or later, contractors will need to set their own reminders to apply.

What qualifies a risk for a policy credit factor?

  • Must have at least one contracting classification on the policy
  • At least 50% of the payroll and/or premium is allocated to the contracting portion of the business
  • The average hourly wage requirement ($29.46) must be met for policies effective between 7/1/2019-6/30/2020

To make sure you’re taking advantage of WCPAP and applying for credit on time, reach out to your M3 Construction & Real Estate Account Executive to walk you through the process.

 


About M3

M3 is a top 50 insurance broker and risk management firm in America. We’re leaders in the products we represent and the industries we serve. M3’s people are an extension of your team, providing world-class resources to help you manage risk, purchase insurance, and provide employee benefits. And our focus on community builds better places to live and work.

Back to Insight Center