If this is open for the whole country, hit up Chris and Alex, I bet the IWCA would be interested…AUWC too…
I signed on with the local BBB back in 2002 and have been a member since then. When I got my website up and running, I decided to add the BBB ONLINE RELIABILITY logo (which cost an extra $100.00 a year). I met with the online advertising rep and we went over a few things whe she brought up “are you in a workers’ comp group rating through us”? I said no and she said that she would get me enrolled ASAP. It took a full year to finally get into their rotation. I have never had an injury from 1990 to present day.
I remember doing my first workers comp report and freaked out on the savings. I could believe that I overlooked this huge money saving mistake. Different states do things differently and my outcome may not be the same as yours. Check with your local BBB to see if they offer a similar program. You could save THOUSANDS like I have.
what does the BBB cost per year,my annual income is about 7,500.00 with 1 maybe 2 part time looking at workers comp ins. in Arkansas
This is funny because I was just complaining about how expensive mine is. I am in a risk pool right now through the state for workmans comp. On $24,000 I am paying $2,250. This sounds about what everyone else is paying. But I am certainly interested in saving.
NJ = 10% of payroll. Sucks, BAD!
Chris, Are you in the state pool or with an insurance company?
Through my insurance company. Are you finding better rates Bob?
Yes, Chris. Pm me or call if you want to discuss it. (sorry for the delayed reply. I wanted to check my actual rate before I answered you.)
Holy crap, that’s nothing. My workers comp costs are 40% Of payroll, about $30,000.00, that’s state fund in calif.
Sent from my iPhone
Any Florida guys have updates on your rates?
I pay 14% for janitorial (power washing and window cleaning mostly) and 30% for roofing (roof cleaning).
I got quoted close to 20k for the year for work comp for me and 1 employee.
Wild.
yep
so why is workers comp so high for window cleaners, regular cleaners pay half or less? it’s because of ladder accidents. ladder falls cause far more claims than high rise deaths which are quite rare.
Which sucks cause I barely even use ladders. I probably will look into it a bit more later on but this is based on 70k payroll… 19k for work comp…
that’s only 27%, not too shabby. I’ve had to pay as high as 45% some years (roofers at times are as high as 300% sometimes from what ive been told), every year is a different crisis/issue in the industry, it would flucutate every year up and down all over the place messing with all the profitability formulas, it was always hold your breath opening the email from the agent/broker with the best rate out of who was underwriting in your state or your business class that year. you might get a killer rate one year but then the company doesn’t offer policies in your state the next year, then a few years down the line they do again. what a circus
just something (along with possible unfavorable fluctuations) that needs to be built into your rates
an additional reason why wages are a problem when they get over 30% of $ generated by employees
Yea…
So if work comp is about 27%, labor 30%, and the other expenses / including my pay maybe another 20-30%.
I would be left with about 10-20% profit for the company?
Check out the Hahn Agency in Little Falls. You’re probably getting quoted as “window cleaning”, which includes rope work. For the small stuff you can get into a janitorial class code which is more like 7%.
We came out of the assigned risk pool a few years ago and it went down to 5%-ish. It will take you ten years with no claims to get there.
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work comp is 27% of the 30% wages, not 27% of revenue, or a net of 8.1% of revenue
You guys heard of a ghost policy for work comp? Statefarm told me that’s an option for sole props, basically I can meet insurance req for work comp side but doesn’t cover any injury or anything.
A grand for the year, I don’t get any benefits from it but can meet ins requirements. Weird how that’s even legal lol
