Search thousands of topics on CostHelper.com

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

Workers Compensation Insurance Cost


How Much Does Workers Compensation Insurance Cost?

 
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 Post  
CostHelper News


Forgotten Expenses In a Home Addition Budget
Items like construction costs, permit fees or debris removal aren't the only expenses to consider when calculating the total costs of a home remodeling project. || Posted August 5 2013


And the Best Bacon Is...
This little piggy went to market.After that, Consumer Reports bought samples and tasted to determine which little piggy offered the best bacon.Top honors go to Costco, it turns out. || Posted October 5 2013

‣ All CostHelper Blog Posts


What People Are Paying - Recent Comments


 

Comment On Your Experience With Workers Compensation Insurance
 
Subject:  *
Amount Spent:  * per 0 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
Replace leaking supply line40' w/copper from meter to house
Paid: 2150.00
Water supply line leaking, need dig trench, 40' Type L copper pipe. 1st plumber quote $6500. Did some research, 2nd quote is $2150. Depth by city code 16 - 18", both licensed, guarantee 1 year... [more]
-Meeept2000
Replacing Copper Pipes Cost
About to start babysitting
Paid: 6.00
I’m about to start babysitting for their first time ever (for pay) and I was wondering if my pay was too high or too low. Tha family has two boys, a ten year old and an eight year old... [more]
-
Baby Sitter Cost
cost of ear drops
Paid: 67.00
I was prescribed antibiotic drops for an ear infection. Went to pick up at Walgreen's and declined due to price of $219. I asked the medical facility to send prescription to Costco. Picked it up there for $67... [more]
-jeffo
Ear Infection Cost
Be aware
Paid: 0.00
Be aware that many of the listed locksmiths are a call service and many of them are in another state. Some even try to pass as other businesses. Academy lock is a thief and abuses they employed too. There are many... [more]
-Martin Y.
Locksmith Cost
Deep cleaning
Paid: 9999.00
As a dental hygienist with 22 years experience, I can tell you “DEEP CLEANING” is not a SCAM! 1st and foremost remember your insurance coverage is to assist with treatment payments... [more]
-Tasha Nicole
Teeth Cleaning Cost
04 Nissan Sentra
Paid: 120.00
I had one key for the car I just bought a few months back, well... While I was closing the front door to my house my key was caught and severely bent, I tried to gently tap it back straight but needless to say it snapped in half... [more]
-Mz Sentra
Key Copy Cost