serena
New Forum Member
Posts: 9
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Post by serena on Aug 30, 2005 11:47:59 GMT -5
What does Workers Comp cost you for this line of business?
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Post by CleaningChick on Aug 30, 2005 16:04:53 GMT -5
Worker's Compensation insurance rates are calculated on the amount of your payroll burden per $100. Everyone's rate is different due to previous claims, the type of cleaning being performed, the area, etc. Make sure that they are not including the pay that you pay yourself when they calculate the rate, as you are not covered on your own worker's comp. policy.
Where are you located at Serena?
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serena
New Forum Member
Posts: 9
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Post by serena on Aug 30, 2005 18:38:39 GMT -5
Colorado
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jeg8344
Junior Forum Member
Posts: 27
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Post by jeg8344 on Feb 16, 2006 10:22:00 GMT -5
Serena, as an owner or executive you can opt out of being covered under a workers comp policy or you can cover yourself. This is allowed since as an owner the thinking is you will continue to pay yourself even if injured. Also, since you will typically be the hig hest paid it will lower your overall cost since the rate is based on payroll, loss experience, worker job classification. Thus a secetary in the office is less likely to be injured than a worker out climbing ladders. when dealing with minor injuries it is best to just pay these doctor or hosital bills out of pocket instead of filing a claim with the insurance provider. Your loss rate is used for a 3 year period so claims this year effect the following 3 years.
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