I just got a quote for Workers Compensation for 4200 dollars per year. I have 4 Employees and an annual payroll of around 56000. Man that’s expensive. I’ve heard that you can get like 10% discounts for having a safety manual and safety program. Does anybody else know how to get a discount on workers comp? How much is everyone else paying for workers comp?
Kurt, was that per man?
Paul
Show Me Cleaning Window Cleaning Kansas City, Missouri, Mo. Kansas City, Kansas, Ks
It goes by total payroll. We paid $4023 for a payroll set at 63K last year. Our payroll ended up being less so we’ll get an adjustment on the next audit.
So it’s pretty close to what you paid, Kurt. A bit less. Ours is with The Hartford.
Kurt,
same here. Get into a group rating as soon as you can. I got in through my local BBB. 75% savings now. I was paying somewhere near what you were quoted. Workers’ comp is still the best deal by far out there when you are talking full coverage medical being paid due to a work related injury. If you are climbing ladders, each time you or one of your employees gets on a ladder, you could be looking at six figure medical bills at the drop of a hat. 4 G’s doesnt siound that bad when you think of the risk. Get into a group rating. The savings is awesome!
That sounds right. I would shop around.
so on the same payroll as kurt, being a member of the bbb you would save $3000?
You can’t shop around for workmans comp.
Doesn’t that vary state-to-state?
Yep. Sounds too good to be true but it is. My last 6 months was something like $300.00.
I dont think so but I could be wrong.
In my area, you cant shop for squat. Its a state ran program you must abide by when you bring on that first employee (not a sub 1099). This is why alot of business owners will go the 1099 route instead of paying into the fund. Some are legit with a 1099 status and some are not. I can elect to be covered or not in my state (only because I am the owner).
Thought I read that in CA, one may shop around after year 1, but I may be having a feeble-minded moment (and, I have no employees.)
holy savings batman!! i will be looking into that fo shizzle!!
im not going to hold my breath though massachusetts is the state of no breaks…
Q: Where do I get workers’ compensation insurance?
A: You can purchase workers’ compensation insurance coverage through an agent or a broker from any of the privately licensed insurers authorized to write policies in California. You can find a list of authorized insurers on the California Department of Insurance Web site.
If you can’t find an insurer willing to cover your business, the State Compensation Insurance Fund (State Fund) is required to provide you with coverage.
If you belong to a trade association you might want to check with it first - some trade groups negotiate special rates for members. Your local chamber of commerce may also be a source of good advice.
Hey Larry,
I remember talking with Craig Aldrich about his workers’ comp and all that several years ago. We were on the subject of commission pay and how Workers’ comp rates could go up (payroll). I think you can shop it from what i remember Craig talking about in California. You guys have companies that manage employees and insure them right? They handle everything and they basically lease the employees to you?
Steve
Usually a temp agency does that, at least here in California. You can keep them on as a temp for quite a while.
As far as shopping for workmans comp. yes you can. I have it thru State Fund, and it is at 16%, and that is with a 3% discount thru some other company.
For several employees, State Fund sucks. That group rate thing with the BBB sounds awesome!! Anyway you can post specifics so we all can get in on that?
Whats up with IWCA, are they getting discounts on Workmans comp? I would sign on right away for heavy discounts like the BBB one.
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Workmans comp goes up and down. In California, I remember when it was in the 30’s, and not that long ago. There was no competition. They all charged that.
I have the wife looking into the BBB right now. Hopefully we can get a deal. I’ll keep you guys informed. You may have to bumpety, bump this thread to remind me though.
A Professional Employer Organization (PEO) company is an outsourcing provider that specializes in co-employment and human resources solutions.
PEO- thats it! I remember now.
