Contractor Talk - Professional Construction and Remodeling Forum banner
1 - 11 of 11 Posts

·
Contractor
Joined
·
4,764 Posts
Discussion Starter · #1 ·
any tips on finding a company to provide smaller WC policy's-that is a smaller minimum (which is based on projected payroll).
 

·
Project Manager
Joined
·
2,642 Posts
any tips on finding a company to provide smaller WC policy's-that is a smaller minimum (which is based on projected payroll).
With WC, if this is your attempt at getting it for the first time, you are pretty much stuck with the state (if your state offers WC coverage) or whatever provider will cover you - and subsequently paying whatever they charge.

Usually, with WC, getting the chance to shop it around will be based on 1. your payment history; 2. amount of claims (this needs to be 0); 3. payroll
 

·
Registered
Joined
·
5,425 Posts
Did you try State Fund to see the lowest base they will write? Otherwise just hit the phones, WC is real hard for the new guys starting out, they are ruthless with there premiums, and most of the customer service is horrible. I have been with State Fund for 30 years and protect my policy to the bitter end, it is so hard to replace these older policies. GMOD
 

·
DavidC
Joined
·
2,550 Posts
We are with State Fund also. I seem to remember that they asked me to predict our payroll for the first year and set up our policy based on that. We did have quarterly audits that first year and they made adjustments along the way.

Cooke is right about the claims. We had a good sized one when our guy slid of a roof. We took a huge hit on premiums after that and it took 5 years for them to gradually settle back to near normal.

On a related note: Our annual audit in Nov. revealed our payroll was way down. Now there's a surprise! I asked them not to change the policy for this year based on that. We will get a nice fat credit that should cover most of our balance this year, and that's appreciated. But I wouldn't want the surprise adjustment next fall if they lowered our payroll base and then things improve as I think they will.

Good Luck
Dave
 

·
Registered
Joined
·
5,425 Posts
What always pissed me off about State Fund was the assesment. If you had a big year, the following year you would have to come up with the same premium. If you ended up having half the payrole, SF would use your money, and credit you back slowly .GMOD
 

·
DavidC
Joined
·
2,550 Posts
If you use a payroll service like paychex, use them for WC. They can take the money out every week.
Pay as you go. I would love that. It ends all the hassles of audits and adjustments. We use ADP for payroll and their carriers have pretty low cut offs that eliminates covering most contractors. Otherwise we would go that route. (No framing, roofing, anything over 12 ft. off the ground, etc.)

Good Luck
Dave
 

·
Contractor
Joined
·
4,764 Posts
Discussion Starter · #8 ·
I just checked the web and Intuit is now offereing pay as you go WC through The Hartford. I'll look into pricing next week and report back :thumbsup:

Gene-Delaware doesn't have a state run WC fund, we have to use private insureres. I currently have a policy, just looking around the payroll for employees isn't nearly what it was originally projected at 2 years ago.
 

·
Registered
Joined
·
7 Posts
PEO or Staff Leasing is a great option for this problem

this takes care of employers portions of FICA, SS, Medicare. week to week, pay as you go, workers' comp coverage. no more quarterly fed and state umemployment reports. no year end workers comp audits. PEO assumes all employer liability because they are the employer of record for you/your employees thru the co-employment arrangement. i have several different companies that offer this arrangement, you can contact me at 352.427.1665 or [email protected] www . osstaffleasing . com
 

·
Contractor
Joined
·
4,764 Posts
Discussion Starter · #10 ·
I placed a call to The Hartford regarding pay as you go WC to integrate w/ Quickcbooks. There is a $270 annual fee and the rate for interior carpentry is $9.83/year....that's a lot better than the $15.65/100 I'm paying with FirstComp.

So, 10% rate is quite a bit better than 15%. What rate are you guys paying?
 

·
Registered
Joined
·
24 Posts
wc

well as u all know wc is ins. and we all know ins. is a scam, here in ohio it is state agency and in the flooring my rates dropped a lil this year to 7.8softgoods and 9.3 hard goods, i should send them a thank you card after 6 years no claims, i pay every 6 months when i do my payroll reports, now the self coverage is where they will get u if ur not careful,good luck
 
1 - 11 of 11 Posts
Top