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FT painter/FT dad
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Discussion Starter · #1 ·
How much do you pay for workers comp? Any tips or advice about getting comp for the first time. Any hidden things to look out for? Thanks
 

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Rich if your looking to just get the certificate, you can get a ghost policy for around 820 flat fee, it covers no one but it protectect the homeowner from you suing them, and it appears as you have w/c, however once you get the policy and you have an employee you can upgrade it, saving you the initial all up front expence for claiming the employee in the first place. you still have to pay the percent on the pay roll but now you can do it later rather the earlier.
 

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The Lurker
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12% here in nc

Rich if your looking to just get the certificate, you can get a ghost policy for around 820 flat fee, it covers no one but it protectect the homeowner from you suing them, and it appears as you have w/c, however once you get the policy and you have an employee you can upgrade it, saving you the initial all up front expence for claiming the employee in the first place. you still have to pay the percent on the pay roll but now you can do it later rather the earlier.
yes that policy is in IL for 900$ and it covers only up to 5k in payroll so if you start a guy for the first time and doesn't work out if he made less then 5k he's covered and it costs you no more.
 

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FT painter/FT dad
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1,254 Posts
Discussion Starter · #7 ·
Ok, so I'm finally putting my guy on comp and payroll. Payroll is free through Bank of America (hallelujah) and the quote I got for comp was $4900 for the year....she mentioned something like $16 per every $100 paid....

does that sound high? just curious...these numbers are all new to me.
 

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speed comes with quality
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Ok, so I'm finally putting my guy on comp and payroll. Payroll is free through Bank of America (hallelujah) and the quote I got for comp was $4900 for the year....she mentioned something like $16 per every $100 paid....

does that sound high? just curious...these numbers are all new to me.
that price must be for 40 or 50k in payroll around here at nation wide the bare minumim is 900 wich covers up to 12,000 in pay roll the more you get up front the cheaper the rates.also you can get up to 330k of general liability for around th same price.most ins co. want the whole thing up front but nation wide will take 30%down and work the rest in payments.
 

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FT painter/FT dad
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1,254 Posts
Discussion Starter · #9 ·
It's for $28K in payroll. Not sure of the company, my agent said I could finance everything, but I'm still not sure whether or not $410 per month is outrageous or what I should have expected to pay.
 

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speed comes with quality
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190 Posts
I think the state regulates the rates, but i could be wrong, liability varies huge from company to company.
your probably right every co. has about the same rates on w/c.and actualy it's 60% down at nation wide.also I once worked for a cons.co. who built spec houses the co. actualy wanted me to use their w/c on the checks it showed they deducted 7.9% for w/c.that didn't last long the top pay was 1.25 ft .I only done it to get in on the high end mountain homes they built in boone NC wich paid 3.00ft on the outside and 2.50 on the inside with materials supplied by them but when I never got any outsides like i was promised(they used another co.) I was gone.
 
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