What is 8292 Classification Code – Why Did NCCI Reclassify It Most Often in 2023?
The 8292 Classification Code – Warehousing has been one of the codes we see very often with clients. The annual chart – see below – and report from NCCI was released last month. Check out the report here. It is definitely worth a read.
Maybe you should check out your last premium audit and your workers comp policy Dec Page first to see your designated governing class code. The explanation of 8292 can be seen below the chart.
The article from NCCI goes into great detail on each class code and why they were reclassified. Take a look at the article – at the above first link. If you have any questions, please use the contact us link at the top of the article page.
Classification Code Chart
From NCCI Article –
Classification Code 8292—Storage Warehouse NOC
Code 8292 takes the No. 1 spot on NCCI’s list of top reclassified codes in 2023. More than 60% of the policies inspected with Code 8292 as the governing classification resulted in a change to their governing class code. The data showed that NCCI reclassified over 75% of those policies to a mercantile code.
Reassignment of Code 8292
The main reason for reassigning from Code 8292 to a mercantile classification is that the employers run businesses involved in selling goods or merchandise. These businesses often have warehouses for storing their products.
Warehouses used by mercantile businesses to manage, store, and distribute their own goods fall under the business’s primary classification and are not separately classified under a warehousing code.
Code 8292 is designated for employers who provide storage or warehousing services for general merchandise belonging to other businesses and do not own any part of the merchandise stored.
Bottom Line
If, after looking over your Dec Page and last year’s premium audit, you have a class code in the left column of the chart – what should your company do?
In our premium reviews for employers, many times we see that the employers have documentation that was not presented in a correct manner to agents, carriers, premium auditors, or NCCI inspectors.
Make sure that you have one internal person that takes care of your insurance program besides your agent. When an agent, insurance carrier, premium auditors, or any type of personnel outside of your company contacts you – make sure your designated insurance person (safety manager, risk manager, etc.) remains the same contact to answer any questions.
Consistency and records organization benefits most companies – even if your company has the 8292 Classification Code.
