workman's comp insurance

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sparky 134

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Joliet, IL
i am curious what electrical contractors are paying for workmans's comp insurance. i had one agent quote me $5000.00 for insurance on one employee for one year. this seems a little outrageous or maybe i am off base....
 
Re: workman's comp insurance

I was $8,000 a year with no employees. I went corporate to avoid the problem, and now my "transfer application" with the state requires $10k in the bank. I run a one man operation and this will put me out of business unless I can find a different way.
 
Re: workman's comp insurance

Worker's Comp. is based on your payroll dollars (as jim was pointing out). And it is usually an estimate, or based on prior highest quarter.

You pay a percentage of that. I believe ours is 4%. I'll try to look it up.

You should get an audit every year, and if you over pay, you should get a refund. If you under pay, you should get a bill.

If you are self-imployed, you shouldn't be required to carry worker's comp. on yourself, but I guess it depends on what state that you are in.

$5000.00 sounds high to me for one employee.
 
Re: workman's comp insurance

4.77%.

Are you working in more than one state?
That coverage could be more.
Also, do you use bucket trucks, sizzor lifts, or do high voltage(utility-type) work?
 
Re: workman's comp insurance

Originally posted by luke warmwater:
4.77%.

Are you working in more than one state?
That coverage could be more.
Also, do you use bucket trucks, sizzor lifts, or do high voltage(utility-type) work?
Click to expand...
No, i'm not working in more than one state. My agent didn't ask about bucket trucks, lifts, etc. He said the rate averages $10.34 per $100.00 of payroll. If you think this is bad, he said for roofers it's $40.00 per $100.00 of payroll !!
 
Re: workman's comp insurance

I pay 4.88% for W/C. W/C is based on your track record of job safety. The a number of small claims will result in a higher rate than one large claim.

Also, when you start out in business you have no track record and pay the Max. As you develop a track record discounts are applied to the Max. rate if you prove to be a safe risk.

W/C cost have been increasing after five years of record lows.

One last thing. W/C rates vary per State based on payout rates paid to disabled workers. The more generous the State the more you pay.

. . . Stan
 
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