# How much do you pay for your worker's comp?



## sniperninjafox (Sep 22, 2007)

Just curious.


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## plazaman (Apr 17, 2005)

alot, i keep sending damn checks and i dont know what the hell im paying for. 

aprrox 3100 for the policy alone. then a monthly installament for a reason i dont know. and oh yea, a yearly audit fee that i dont know why.


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## 98mustangguy (Sep 6, 2007)

plazaman said:


> alot, i keep sending damn checks and i dont know what the hell im paying for.
> 
> aprrox 3100 for the policy alone. then a monthly installament for a reason i dont know. and oh yea, a yearly audit fee that i dont know why.


Nothing here Sole proprietership baby. Not required. Hey remember that workers comp ect does not cover you the owner unless you pay extra to buy it for yourself also.


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## 98mustangguy (Sep 6, 2007)

plazaman said:


> alot, i keep sending damn checks and i dont know what the hell im paying for.
> 
> aprrox 3100 for the policy alone. then a monthly installament for a reason i dont know. and oh yea, a yearly audit fee that i dont know why.


by the way doesnt workers comp also go by what you estimate your yearly profits and salaries to be?


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## RCPainting (Jan 29, 2006)

From the Utah WCF site
"Premium Calculation
WCF, like all other workers' compensation carriers in Utah, uses the basic business and industry classification system designed and maintained by the National Council on Compensation Insurance (NCCI). NCCI assigns rates to each classification code that are based on the loss experience of companies within each code in Utah. Therefore, correct classification is important to maintain the integrity of the NCCI rating structure.
To calculate the workers' compensation policy premium, your employees' payroll is assigned to the appropriate classification(s). Payroll is then multiplied by the classification rate to determine the premium for each classification, the sum of which is the total premium for the policy.
Example: $100,000 (payroll) x .1641 (rate for classification) = $16,410 (premium)"

You tell them your projected salary on your application. You are subject to an audit every year and have to show payroll records. If there is a discrepency, they will make an adjustment to your premium.


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## daArch (Jun 8, 2007)

Every state is different as to rates and requirements.

In the early 70's I incorporated. Massachusetts WC rates for painters was about 20% of payroll (was it actually 18%). Sole propieters, dba, were not even ALLOWED to cover themselves - had to be incorporated for the owner to be covered.

Now Mass "allows" sole propieters to buy WC. 

Mass WC rate is 6.85% for painters/paperhangers

If you sign up, it's a minimum of $500 with an audit at the end of the year and you are responsible for 6.85% of your total payroll. If you sub work out and the subs are not covered by their own policy, that counts as YOUR payroll, unless you CAN PROVE to insurance co. that the subs fall under very strict guidelines of being indepedant subs. (rules are confusing and convoluted)


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## PressurePros (Jul 3, 2006)

12% for my classification


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## pool adams (Sep 26, 2007)

15.00 per 100. labor


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## send_it_all (Apr 10, 2007)

Since I am a GC, they classify ANYBODY working for me in the field to be a carpenter. Then they charge me about $40 PER $100 for him/her If he/she makes less than $23 per hour. If he/she makes more than $23 per hour, I only get charged about $13 per hundred. I had a guy working for me who was a friend before I started my business. I hired him and agreed to pay him $20 per hour. He really wasn't qualified to make that much. Then I got worker's comp for him and realized after doing some math...that if I gave him a raise to $23 per hour, he would cost me $6,000 per year less than he did at $20 per hour working full time. By my math, it would have cost me the same amount of money each year to pay a full time employee $17 per hour as it would cost to pay him $23 per hour. It was a bit of a dilema, but fortunately he ended up getting a good job in another industry, and I found a guy who was slightly less qualified, but somehow got twice as much work done for $13 per hour.


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## TheBuildingFirm (Dec 10, 2006)

$9.72 per $100


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