workers comp premium

[stringblade]

I have a couple questions on workers comp ive been getting quotes for about 10$ for every 100$ dollars in payroll and a minimum of 1000$ a year. the only problem i have with that is the minimum, i dont think ill come close to that in payroll so ill just have to caugh up the rest. is there any ins companies that dont charge that minimum? or is that how they all do it? also whats the best way to calculate one employees payroll?

[clclawn]

i am setting up mine right now, 3.16 for every 100. Based on 2000 in payrole. I'll use more then that, but my ins. guy lowballed it so i didn't have a high upfront cost. After the first premeum is maid, he will then raise it.

[stringblade]

you mean with that ins comp there is no minimum premium?

[Hawkeye5]

All companies have minimum premiums. Same reason you have a minimum to drop the gate. They may vary by company and by state. To project payroll, take last years and increase by however much your business plan is for growth. CLCLAWN: If your agent is doing that, find yourself another agent.

[Ground Works]

Some states

In some states u go thru the state and just give an estimated payroll and I believe u can change that as the year goes on and as things change. But anyway at the end of the period u get a form that U show actual payroll and make up the difference. What I would do is always set money asside if your payroll starts to increase so u have a cushion

In Ohio the work mans comp is thru the state not an agent but your accountant can set it up for u

[Stephen M.]

You think I'm confused don't I. Come on out to WA which is single payer, state run system, and you will be really confused and pissed. I can only dream of cheaper workers comp by private carriers. However, I get a government refund on my taxes, up to a third back per year if I run a safe workplace. Hmmm, it's the carrot stick that let's the gov raise my comp taxes every year.

[clclawn]

the way i understand it here is that the ins. com. sets its min premium. One correction in my last post, Im set up for 20000, not 2000. I may just be higher then the min. but they only want about 300 up front.