Workmans Comp

Sentinel

Sentinel

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Can anyone give me an idea about their workmans comp. I have looked into quotes and for a $50,000 payroll doing flatwork it is $5000 per year and to do roofs or vent a hoods it is alomost double that. Is there cheaper rates anyone has found or other classifications you can get into to drop this amount. I have found if I exempt myself as the owner its cheaper, but I kind of wanted to protect myself as well. I am in Alabama, were I have been told it is the hardest state for small businesses to get workmans comp because of the amount of lawsuits in the state. I feel like I am spinning my wheels a little. Am I going to have to just bear down and swallow the expense? Thanks for your inputs and advice.
 
Thanks Anthony. Ialso wanted to find out if anyone could tell me what code their workmans comp is listed under. Thanks.
 
Try to get coded under janitorial, it might lower your rate. You may also want to see if you can exempt yourself from workers comp. In Wisconsin corp. officers can exclude themselves from workers comp and unemployment. Saved me a ton. Besides what am I going to do claim unemployment on myself and raise my own rates?
 
When the owner is exempt from comp and he is hurt on the job-what then? First words out of the nurse, is did this happen on a job? If the owner answers in the right way-he has a big problem even if he has private heath coverage. It could be a super big problem.
 
I recently was told my gereral liability was going up based on a new estimated payout in wages on my worker comp. I'm exempt from Workers comp, and it did save money...but as to my liability going I think this is bull......As to getting hurt, I'm trying to train some good men working for me who can handle the work and over see the job, as well as trained others just in case something does happen...being a one man show can make it hard if you get hurt. Sometimes it best to spend the money on getting good workers to build a good foundation under your business.
 
Workers Comp here runs at 10% of payroll. I rarely use any help but hopefully will grow to where I can get some full time workers. I do have a WC policy that costs around $850 a year just to satisfy a PM company that I do work for. It does not cover me. Couldn't even bid a job without it. The company I have the policy with performs audits and adjusts the rate if I am using any part time help, subs, etc.
 
You might as well exclude yourself and any corporate officers. They are not covered under your workmens comp anyway, at least in Arizona. Look to see if you have a state workmens comp fund. Our state started it up for workmens comp and it helped a lot of small businesses. I can't compare rates because Arizona has the most employer advantageous workmens comp laws in the country. Max weekly payout is under $200 for someone that is injured on the job, so that our rates are REALLY low in comparison.
 
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