Search thousands of topics on CostHelper.com

BROWSE ALL TOPICS >> appliances babies & children  cars  consumer electronics health & personal care home & garden personal finance  pets  schools small business weddings
CostHelper > Small Business  > Workers Compensation Insurance

Workers Compensation Insurance Cost


How Much Does Workers Compensation Insurance Cost?

 
post E-mail post Post  
  Typical costs:
  • Regulations and premium costs for workers compensation insurance vary from state to state, but the rates are always calculated at a cost per $100 of an employee's salary based on the risks involved in that type of work. A roofer will be covered at a much higher rate than a retail store clerk or a copy machine operator. In California, an office clerk is covered for roughly $1.25 per $100 of salary. If the clerk earns $575 a week ($29,900 a year), the employer pays workers compensation premiums of $7.19 weekly or $373.75 annually, according to AllBusiness.com[1] . The number of claims a company has in recent years directly affects its premium rates, either increasing them for a poor record or reducing them for effective safety procedures.
Related articles: Liability Insurance, Dental Insurance

What should be included:
  • This isn't optional: almost without exception if you have one or more employees you must have workers compensation insurance, even for a home-based business. The penalties for not having this required insurance can be stiff.
  • Workers compensation covers employees with work-related illnesses and those who are injured on the job, whether on the company's premises or elsewhere, including auto accidents while on business. The insurance pays for the employee's medical services, recovery and rehabilitation plus compensation for lost pay due to a work-related illness or injury. It's not a substitute for health insurance, since employees are only covered while on the job. The Insurance Information Institute[2] gives an overview.
Discounts:
  • To cut costs, be sure your employees are properly classified for the type of work performed; if you have a poor safety record (and therefore higher premiums) create an awareness program and be sure everyone's using proper safety equipment; if your state doesn't require premiums on overtime, be sure it's not included in the payroll figures submitted to calculate your insurance costs; and consider having a deductible amount on the policy, which is possible in about half the states.
Shopping for workers compensation insurance:
  • WorkersCompensation.com[3] provides rules and regulations by state as well as an online quote service [4] .
  • Not all insurance agents are up on the latest workers compensation requirements in their area. Check with your agent, but also contact your state insurance department for specific local requirements and a list of registered companies in your area. The National Association of Insurance Commissioners has links to state offices[5] and a way to search for financial details and complaint histories for specific insurance firms.
post E-mail post Post  
CostHelper News


10 Key Ways to Prepare for Extreme Snow
Forecasters are predicting a true nor'easter will hit the eastern and central states with rain, thunderstorms, ice, snow and high winds over the Thanksgiving weekend. It's crucial to plan ahead, before bad weather hits. || Posted November 26 2013


10 Most Popular Cosmetic Procedures Before the Holidays
With reunions and other get-togethers scheduled during the holiday season, most people want to look their best at this time of year. For some, that means filling in those wrinkles with a bit of botox, or having a nip and tuck down here and there. || Posted November 23 2013

‣ All CostHelper Blog Posts


What People Are Paying - Recent Comments


 

Comment On Your Experience With Workers Compensation Insurance
 
Subject:  *
Amount Spent:  * per $100 salary
Type of Job: Risk Level: 
Insurer: Policy: 
Comments: 
Purchased:  Year: 
City:  * State:  *
 
Information about you:
Email:  * Email addresses are not displayed.
Name:  This is the name we'll display with your post.
me on this computer
*=required field.
 



External Resources:
  1.  www.allbusiness.com/human-resources/benefits-insurance-workers-compensation/824-1.html
  2.  www.iii.org/individuals/business/basics/workerscomp/
  3.  www.workerscompensation.com/
  4.  www.workerscompensation.com/insurance/ins_info.php
  5.  www.naic.org/state_web_map.htm
More Small Business Topics
Check Out All Costs for Small Business How Much Does a Bookkeeper Cost? How Much Does a Fax Machine Cost? How Much Does an Event Planner Cost?

Search Thousands of Topics on CostHelper.com

 


Today's Featured Cost Articles

About CostHelper
CostHelper is based in Silicon Valley and provides consumers with unbiased price information about thousands of goods and services. Our writers are experienced journalists who adhere to our strict editorial ethics policy.

CostHelper Community
PFT Cost Dallas
Paid: 2568.00
My regular doctor wanted me to see a specialist since he didn't like my spirometry results. I reluctantly agreed since I never have problems. Two doctor visits later and I'm out $2568... [more]
-CHRIS REED
Pulmonary Function Test Cost
WHEEL ALIGNMENT
Paid: 85.59
GAVE ME A PAPERSHOWING RED AND GREEN ALIGNMENT, RED MEANING IT NEEDS TO BE FIXED. WHEN IT WAS DONE THEIR WAS STILL RED SHOWING IMPROPER ALIGNMENT, HE SAID WE CANT FIX THAT UNLESS I PAY ANOTHER $119.00...WHAT A BUNCH OF CROOKS..... [more]
-JAMES DENOS
Wheel Alignment Cost
Crazy Expensive for a 250 gal tank in San Diego
Paid: 4.43
We have a rental property that had an AmeriGas tank on it that's used for the outdoors (pool/spa and fire pit)... [more]
-jessmeagan
Propane Cost
Am I paying too much
Paid: 1800.00
I have a small auto repair shop. He prepared my tax return in 2016. I do my own 941, wage report and monthly taxes. He does the rest and I still get charged 1800.00... [more]
-Martín Duran
Business Tax Preparation Cost
Tsh t3 and t4
Paid: 2500.00
Any ideas what to do? I do not want to pay this... [more]
-Thisbillistohigh
Thyroid Test Cost
Teeth Cleaning
Paid: 0.00
in order to prefer cleaning, $149 for blood work, chest X-rays and an ekg another $375 and then he brings in a specialist to sedate, X-ray and clean, scale and polish for $809 and then extra if anything is wrong... [more]
-breaking the bank
Dog Teeth Cleaning Cost