Workers Comp

[lockey]

Why is Workers Comp required by law and yet it's hard to find coverage? I've called several places and you mentioned W/C insurance, they hang-up on you.
* I owner exempt
* field man new hire
* office lady
Would like to grow a little!
Anyone with info on a group of Sparky's or associations that I con obtain W/C insurance.

 

[charlie tuna]

Re: Workers Comp

who carry's your liability insurance? your company's automoble insurance? you want to find an insurance agent who wants your business and who wants to grow with your company! i wouldn't step on a jobsite without it!!!

 

[luke warmwater]

Re: Workers Comp

Nowadays, some insurance co.'s won't write the policy unless you've had the coverage for 2-3 consecutive years.

Your state should have the coverage, but it might cost slightly more.

 

[jeff43222]

Re: Workers Comp

I recently discussed this issue with my insurance guy. I could get a workers comp policy for myself if I wanted to (as the owner of the business, I'm not required to have it), but I would have to come up with about $2000 up front. The rate he quoted me was 7% of projected income, payable one year in advance. If you make more than you projected, you get a hefty additional bill later on. His advice was to forget about workers comp and get a disability policy, which provides more coverage at a much lower rate.

 

[petersonra]

Re: Workers Comp

Its very difficult for small businesses to get any kind of reasonable insurance covergae. One of the problems is that the commission structure is very high for policies written for relatively small figures. I have heard that the commissions on health coverage for example, for a single person can approach 30%.

Its the same problem when you go to set up a retirement plan for your workers. Often the overhead for such a plan costs almost as much for a 25 person shop as a 100 person shop.