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Discussion Starter · #1 ·
Greetings, All:

Can anyone give me a specific, or ballpark, estimate of the cost of workers compensation insurance in Louisiana? I think the NCCI code for General Construction Laborers is the same as Carpentry (5645), which is what I will need for siding.

I'm trying to get a better estimate of the overhead, so I would appreciate any help. Advice about where to get discounts would be nice, too.

Thanks,

Chris
 

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Why are you not calling your insurance company/broker for this info?

I tried to guess what my WC rates would be when I did my business plan years ago. Boy was I wrong. Lot's of questions and variables are involved like your gross sales, expected payroll for the year, and EXACTLY what work you do or advertise you will do.
 

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Discussion Starter · #4 · (Edited)
rselectric1,

Thanks for the response. I probably should have stated this in the original post, but I am just gearing up to start this business. I want to make sure I have (somewhat) accurate financial projections before I file for incorporation.

From what I have read, Louisiana follows the NCCI Workers' Comp rates, which they report as $X per every $100 in payroll - this the number I am looking for...and of course anywhere that offers discounts in LA.

Note: I will be doing fiber-cement siding installation, only. No roofing, framing, etc.
 

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rselectric1,

Thanks for the response. I probably should have stated this in the original post, but I am just gearing up to start this business. I want to make sure I have (somewhat) accurate financial projections before I file for incorporation.
I like you already! Too many people dive into this business without any research or even the most simple of business plans. They just look at a 10K job and think they get to keep it and are disappointed when they find out that they ended up working for 8 bucks an hour overall.

Find an insurance broker locally. Tell them what you intend to do, and also tell them you need worst case estimates. They can give you pretty close estimates on that.

Search this forum thoroughly if you have never opened a business, and ask away. There are several lists around here on threads that may help you remember start up expenses that you may not have thought about. The majority of the posters here are smaller contractors and many of them very successful who have been down this path with both failures and great successes.

Welcome to CT.
 

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Discussion Starter · #6 ·
Find an insurance broker locally. Tell them what you intend to do, and also tell them you need worst case estimates. They can give you pretty close estimates on that.

Search this forum thoroughly if you have never opened a business, and ask away. There are several lists around here on threads that may help you remember start up expenses that you may not have thought about. The majority of the posters here are smaller contractors and many of them very successful who have been down this path with both failures and great successes.

Welcome to CT.
rselectric1,

Thanks for the insight. I'd like to think I've considered every expense, but I know that's unreasonable - I will be sure to read other forums for advice.

My biggest concerns at this point are finalizing insurance expenses, securing quality labor, and lead-generation. If you happen to know anyone in particular that could help with any of these, feel free to point me in the right direction - I would really appreciate it!
 

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call home buikders SIF-
(you will have to become a member of
CRBA, & pay annual dues
to have a policy with them-)
ask for lisa-find out what the multiplier for the carpentry code is-
she will be glad to help-
tre hendry is a local broker as well-
 

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Workers Comp Costs

That all depends on the number of employees and your trade classification, for a base rate with no employees you are looking at about $1900.00 a year. Liability is far worse!
 

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Geez, what do you pay for GL??? I have a $1m policy and it only runs me $1800/year. I have WC through homebuilders SIF and my base is $150/month.
 

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The biggest problem may be finding someone to even write you a policy without a history. The rate could easily be double what someone else pays. 5645 for me in Nebraska is $12.60, but with a clean history rate mod I'm only paying $10. New clients could easily be $19-20 or more.

I called a job placement co. last week and he was having a hard time finding coverage at a reasonable price.

Last year I was trying to shop around for a little better rate and couldn't get a quote, even from Farm Bureau, where I had been insured in the past.

I have Nationwide.
 

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Just a friendly reminder to look at the dates on these threads. It's nearly a year old with an OP likely never to return. But the conversation is still valid. Just sayin.......;)
 

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Geesh! :facepalm:
 

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SuperiorHIP said:
Geez, what do you pay for GL??? I have a $1m policy and it only runs me $1800/year. I have WC through homebuilders SIF and my base is $150/month.
who do you carry GL thru?
that's a good annual premium
 

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Our WC is through SIF also for about the same cost as you. Who do you get your liability through as we pay $464.00 a month times 10?
 
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