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Finding Workers Comp For A Small Payroll

 
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Old 03-06-2013, 12:45 PM   #1
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Finding Workers Comp For A Small Payroll


Yes another WC thread. Im trying to get workers comp but I really can't find an agent that will talk to me. Monday I called at least 10 local companies and got the receptionist who took my info and estimated payroll and said someone would call me. 2 days later I have had no follow ups. Someone I got on the phone basically said my payroll (est $50,000 annual) was too low for their time so I am guessing thats how the other agents feel.

Can anyone recommend insurance company to deal with? Certainly we are not the first new business to seek WC with a $50000 payroll.

Last edited by prowork; 03-06-2013 at 02:54 PM.
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Old 03-06-2013, 12:50 PM   #2
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Re: Finding Workers Comp For A Small Payroll


depends on the state you live in

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Old 03-06-2013, 01:00 PM   #3
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Re: Finding Workers Comp For A Small Payroll


Sorry, State is Florida.
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Old 03-06-2013, 01:27 PM   #4
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Re: Finding Workers Comp For A Small Payroll


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Sorry, State is Florida.
I called Absolute last year to find out the same thing (WC and payroll services) and got a response the same day. I had like 3 big jobs lined up and was looking to hire guys. I ended up hiring one guy (LLC'd, general liability, WC exempted) and managed to complete the jobs without using a WC / payroll service. I was quoted 4-5% for finish carpentry WC and 6-8% for frame carpentry WC coverage. Obviously different trades will be higher or lower. I think roofing will be the highest in FL.

http://www.absolutepaytrust.com/
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Old 03-06-2013, 01:29 PM   #5
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Re: Finding Workers Comp For A Small Payroll


Could you maybe try contacting a payroll service company? They might have some options for you. Or at least some suggestions.
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Old 03-06-2013, 01:44 PM   #6
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Re: Finding Workers Comp For A Small Payroll


My 50k estiamte, assumes no growth and should def be higher tho.

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Old 03-06-2013, 03:07 PM   #7
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Re: Finding Workers Comp For A Small Payroll


I am in Florida and had no luck and wen the route of exempting as well. Please post the name of a company if you find one that is reasonable.
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Old 03-06-2013, 03:37 PM   #8
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Re: Finding Workers Comp For A Small Payroll


Ask if you can get a minimum policy and adjust up or down from there as you go.
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Old 03-06-2013, 04:00 PM   #9
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Re: Finding Workers Comp For A Small Payroll


Look up pay as you go WC.

I believe it's based on monthly payroll.

I know guys that have it and it works well for them.
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Old 03-06-2013, 04:32 PM   #10
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Re: Finding Workers Comp For A Small Payroll


Have you tried paychex.com or adp.com?
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Old 03-06-2013, 04:42 PM   #11
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Re: Finding Workers Comp For A Small Payroll


Nobody wants your business? What is that all about. My insurance agent gave me a price when I asked him to figure it for $25k in payroll.

WC isn't cheap so you're probably talking over $5k for $50k in payroll. $5k isn't chump change in my book.

I ended up with ADP because I use Intuit Online Payroll and they have a pay-as-you-go option(via ADP) which was better than dropping $1500 before I even hired my first employee. The system is fine for an employee or two. More than that I'd let my accountant's company take care of payroll and my insurance agency handle WC. Nothing beats knowing your agent when things go wrong.
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Old 03-06-2013, 05:16 PM   #12
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Re: Finding Workers Comp For A Small Payroll


Agents are paid commisions based on premiums paid. So if you pay $5K in premiums, your agent gets around $200 for their time they have to deal with you. That's why so many small companies are in an insurance pool. You may want to check with you local trade organizations. (dodge, builders exchange, ect..) Also Builders Mutual underwrites smaller companies. You should be able to call them direct for a local agent.
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Old 03-06-2013, 07:23 PM   #13
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Re: Finding Workers Comp For A Small Payroll


I have used Allied (a division of Nationwide) for several years and my payroll has seldom been over 50k. Usually sold by independant agents. I punched in a few Florida zip codes on the company agent finder and came up with at least 50 agents in every major city I checked.

It has gotten more difficult to get insured if you don't have much of a WC history.

Here's a link:

www.alliedinsurance.com/index.jsp
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Old 03-06-2013, 10:55 PM   #14
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Re: Finding Workers Comp For A Small Payroll


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Agents are paid commisions based on premiums paid. So if you pay $5K in premiums, your agent gets around $200 for their time they have to deal with you. That's why so many small companies are in an insurance pool. You may want to check with you local trade organizations. (dodge, builders exchange, ect..) Also Builders Mutual underwrites smaller companies. You should be able to call them direct for a local agent.
Yup, so they spend an hour signing me up and get $200 a year after that. That's a nice little bit of work.
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Old 03-08-2013, 10:20 AM   #15
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Re: Finding Workers Comp For A Small Payroll


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Ask if you can get a minimum policy and adjust up or down from there as you go.
I have a minimum policy and it works well.
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Old 03-12-2013, 02:34 PM   #16
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Re: Finding Workers Comp For A Small Payroll


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Originally Posted by NINZAN STUDIO View Post
I called Absolute last year to find out the same thing (WC and payroll services) and got a response the same day. I had like 3 big jobs lined up and was looking to hire guys. I ended up hiring one guy (LLC'd, general liability, WC exempted) and managed to complete the jobs without using a WC / payroll service. I was quoted 4-5% for finish carpentry WC and 6-8% for frame carpentry WC coverage. Obviously different trades will be higher or lower. I think roofing will be the highest in FL.

http://www.absolutepaytrust.com/
I contacted Absolute Pay Trust. I can't tell you enough how helpful they have been in the process of getting WC. Definetly worth contacting them for WC and payroll.

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