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Old 08-23-2011, 12:18 PM   #1
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Default Insurance Risk or Revenue?

Wanted to ask all of you pc's who your insurer is? and how are you guys charged for your policies? for example.... I am insured through state farm. I carry all the general liabilities, employees, building, pre-finish shop etc. I pay monthly about $205.00 per month. However they threw a curve and now are auditing me to find out how much i paid in payroll last fiscal yr. !!!! charging per $1000 per payroll per employee !!!!!!!!! Is anyone else subjected to this scam? What pisses me off is the way the agent presented the costs of the policies initially, (when first signing up last july.) she continually talked about risk risk risk what are we (as a company) goinig to be doing.... interior, exterior etc. yada yada you know the drill. Then they audit me get my payroll figures and send me a bill for an additional $1,500 in charges for last years policies? What gives? Please chime in on this issue!
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Old 08-23-2011, 01:42 PM   #2
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That's a workman's comp audit and every company does it.
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Old 08-23-2011, 02:23 PM   #3
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that wouldnt make much sense either? I have a seperate coverages and policies through the state of montana. which btw they will also want more money!!! too many fingers in the pie! so your saying PP that you get audited for workmans comp. by your insurance company and the state of pennsylvania?
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Old 08-23-2011, 02:48 PM   #4
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I am in Wisconsin and also have State Farm for my insurance. I have a Audit from state farm as well that wants to know all the same info about payroll as the work comp audit. I'm thinking WTF! What do they need that info for.
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Old 08-23-2011, 03:31 PM   #5
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some ins companies base their premiums on the payroll; and they figure a certain minimum payroll for officers of a corp, even if you really don't earn that much!
other companies base premiums on gross receipts
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Old 08-23-2011, 05:19 PM   #6
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Laz, Do you pay the state of Wis. as well for employee work comp? Hold on to your shorts dude! Get ready for a big let down. Thats the most backwards idea of all, is the way they charge. based on payroll? company gross receipts? none of these figures tell you how profitable a company is..... Im a small fish in a small pond and i gave these sharks 4k last year? does any of this seem right? to insure a painter! WTH! So eternally frustrating.
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Old 08-23-2011, 05:54 PM   #7
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Work Comp is a state program but is handled by the insurance company. You take out a policy and pay the premiums.
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Old 08-23-2011, 07:06 PM   #8
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My liability policy is based on the number of employes and their job titles. All I do is fill out a form once a year and mail it back to them. They have never looked at my books. Workers comp here in NY is based on audit of payroll and they practically give you a colonoscopy annually.
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Old 08-23-2011, 07:47 PM   #9
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every year, that's how they roll
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