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.
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


7 Lesser-Known Discounts for the 50+ Crowd
As they age, members of the Baby Boomer generation don't like to admit that they're senior citizens, but they love getting discounts. It's kind of a quandary, because some of the best deals available are reduced prices for older folks. || Posted October 21 2013


Our Top 10 Favorite Secret Menu Items
Don't believe everything you read. Those menus posted at your favorite fast food spot or coffee stand are not the be all and end all of their offerings. || Posted October 25 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
Angiogram of heart
Paid: 55150.00
Had this procedure done to check heart due to abnormal stress test. Did not need any stents or any other procedure as everything was negative... [more]
-Pamela Garrett
Angiogram Cost
HELP: asbestos in furance - many questions
Paid: 0.00
I am renting out my home in Grand Rapids, MI and have received a notice from the city that the home must be inspected... [more]
-Busa
Asbestos Removal Cost
Belly
Paid: 45.00
The clamp was annoying so it took away concentration of the tiny sting of the needle. I had just turned 15 at the the time and I've had it for almost a year and it has healed fast and never given me any trouble... [more]
-Madi
Body Piercings Cost
Duckwork
Paid: 3009.00
Single family home... [more]
-Lfdykes
Ductwork Cost
2 half shafts replaced
Paid: 140.00
Bought the axles myself on ebay for 40 each, then had a mobile mechanic come to my house to do the work. It is not a hard job, but has a couple tricky parts for a subaru. Easier for a honda or toyota... [more]
-Subbie Giy
Replacing a CV Boot Cost
Even with insurance looking at going broke
Paid: 55000.00
Recently on a camping vacation my 11 year old became very sick. Took him to the closest hospital. Found out he is type 1 diabetic. Was very sick and had to be flown from Rock Springs WY, to Salt Lake City, UT. 185 mile on the ground... [more]
-Broke and confused.
Air Ambulance Cost