Workmers Comp Costs

[sgr1]

I was talking to my insurance company and they said it would cost about $6.10 per $100 does that sound about right? I thought that sounded high. About $4000 per year. I was bidding on a job where I will have to carry it and need a couple of people if I get it.
Steve

 

[Buck Parrish]

That's high for a small company.
It's based on how many you have working for you.
Or how many you pay. Thats why you get an audit.
So they can also base it on any subs you may have 1099'ed.

 

[Mule]

Okra-homa 5 family members or less....Exempt from WC

 

[satcom]

I was talking to my insurance company and they said it would cost about $6.10 per $100 does that sound about right? I thought that sounded high. About $4000 per year. I was bidding on a job where I will have to carry it and need a couple of people if I get it.
Steve

$6.10 per hundred sounds like a bargin, but it will vary with salaries, number of employees, just think what roofers, and some EC's that work trac homes pay $17 and up per hundred.

 

[masterinbama]

We have what is basically a collective here. I still pay about 3000 a year per employee. So that is not too far out of line.

 

[bradleyelectric]

my bookkeepers not here at the moment but a quick round # calculation and I'm paying a lot less than that.

 

[mdshunk]

I think that varies a lot by region, and even by what sort of electrical work you do. 6 bucks a hundred doesn't strike me as too shabby. The only way to know, for sure, is to shop around in your local market. I'm wanting to say I'm at 5.71, but that's only going off memory. That might be last year. Your local builder's association should be able to turn you on to the value providers.

 

[mdshunk]

Another thing... in my state I can get a certificate from the state to present to the insurance company for a 5% rate cut if I have a state-compliant safety program in place. Maybe check with your insurance carrier about that. All it involves, for me, is a manual, regular safety meetings, and the appointment of a safety committee.

 

[Fulthrotl]

I was talking to my insurance company and they said it would cost about $6.10 per $100 does that sound about right? I thought that sounded high. About $4000 per year. I was bidding on a job where I will have to carry it and need a couple of people if I get it.
Steve

here's what i am paying in calif. land of ridiculous workers comp.

Electrical Wiring >= $26.00 / hr $5.60/$100
Electrical Wring < $26.00 / hr $6.74/$100

this is thru state fund. others may be cheaper.
when i have someone help me, they get $60 per hour. $500 per day.


randy

 

[sparky 134]

I'm paying around $10.12 per $100.00 of payroll. For the first two years a company has a work comp policy in place that company is put into the state work comp 'pool'. I was paying around $12.15/$100.00. After two years with zero claims I was able to purchase work comp thru other carriers.

I switched to Country Companies for work comp and I have my liability ins. thru them as well.

 

[Mule]

Seems like the last time I purchased WC it was around 7 bucks a 100, with a $1000 min that was non refundable through the state insurance fund.

 

[jmsbrush]

I'm paying around $10.12 per $100.00 of payroll. For the first two years a company has a work comp policy in place that company is put into the state work comp 'pool'. I was paying around $12.15/$100.00. After two years with zero claims I was able to purchase work comp thru other carriers.

I switched to Country Companies for work comp and I have my liability ins. thru them as well.

The reason it was high is because they are using using a group modifier. Sometimes that works out good ,when there are no claims. You actually get a discount on your WC because its a group thing.
When someone in a&b construction gets hurt and files a claim it effects your rate. Here in Florida ,if you are in a labor pull like that, good or bad, you will have that modifier for 2 years, regardless if you change insurance providers.

For me here in FL I pay 2800 a year for one guy who makes $30,000

 

[Mr.Sparkle]

I just got a quote here in NJ, to carry workers comp for 1 part time employee who makes less than $10k a year, $865.00/yr., if I want to add comp on myself and I "earn" less than $35k (company payroll totaling $45k) it goes up to $2800.00/yr.

 

[petersonra]

Be sure you get classified correctly. I have heard horror stories about people paying much larger premiums for years because their insurance agent (or a government bureaucrat) wrote down the wrong classification number on a form. or classified everyone who works for you the same, even though some should have been classified differently.

I seem to recall the state run plan in Illinois charges $1000 a year just to get into the plan, on top of the regular charges.

 

[ivsenroute]

That sounds in the ballpark. I was paying about $7. per hundred of payroll.

Some of you guys may have (good)accountants that help to "figure" your numbers a little better to help you out so your numbers may look lower unless you look at the actual payroll and manhours in detail.