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Livin the dream...
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Discussion Starter #1
I'm trying to get my ducks in a row to start up and am trying to figure out what it would cost me to cover myself with workers comp here in Indiana?

I would be working completely by myself. Can you still fill out a waiver to to bypass the requirement? If you did sign the waiver and you cut a finger off who pays? Personal insurance????

Any rough idea on the dollar amount per $100 dollars of payroll? I couldn't find anything through google.
 

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google "workers comp classifications [your insurers name] premiums or rates" and you might find some rates. Rates depend on the job, your history, your insurer, etc.
 

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Ballpark $10-$15 per $100 of payroll dollars. Could possibly be a little less, but if you're just starting out that would be a close guess. I'm assuming you're talking residential carpentry though.
 

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In Illinois I don't need it as an officer of the company(owner in this case)
If you cut off a finger you pay.Liability only pays for the other party ,not you,hence the name liability.
I just got WC updated for a commercial demo and remodel job with a company that specializes in that area and it was 26% in Il.I found that hard to believe but could not find a better price quick.
 

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Spencer your best source for accurate info is your insurance agent. I know here in NY up to two officers of a corp can waive wc. It's running me about $17 per $100 for my workers classifications
 

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I just checked work comp rates 2 months ago, for here in KS and was quoted around $13.50/$100. In KS as the owner I don't have to carry it on myself.
 

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Be careful and check the fine print.

In NYS there is a default base pay rate of $25,000 a year per employee that WC is based upon.

So if you hire bob as a helper, and over the course of the year his wages are say $8,000. You will owe workmans comp $4800 plus 25%. To the state in tax...so $6,000 a year to pay a guy $8,000. Now on top of that you have all the taxes.

So be sure to check THAT out...

That caveat here in NY was a glorious way for union labor to screw over the small business.
 

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Livin the dream...
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Discussion Starter #12
I'll look into the whole "waiver" deal. I think I'd rather just pay and have the peace of mind. I worked for a guy who cut every corner he could. Then he fell off a roof and broke his back. Not worth watching everything you've worked for go up in smoke...

I'll give my agent a call and update later. Thanks for all the input.
 

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I have a waivable policy in Illinois and of cost me $1100 annually, after a year with no claims it goes down something like 75% which make no sense cause I can't claim on it anyway. I was told it was a new law in Illinois that a construction buisness owner is required to have work comp on himself.
 

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Carr. Someone has mislead you.
The 25000 is the point where wc is not collectedanymore.

If you pay someone8k during a year, you will owe on the 8k alone, not 25k
 

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I don't think there's a cap on employee wage for WC in NY. We pay on full salaries that are well over 25K.
There is a default salary for executives that are not exempted.
 
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