Is worker's compensation insurance expensive?

Question

Is worker's compensation insurance expensive?

Answer 1

I agree with Barry, that it is based on the salary of workers and the job class they are in.  

But, for the protection it offers you it is well worth it.  Even if you don't believe you don't need it because you work with friends or family.  If your "friend" or family member were to get hurt or die his relatives are the ones who are going to come after you, and believe me friendship won't matter.

Answer 2

Not at all. Group insurance is inexpensive way to insure your employees. Also you can deduct entire/part of the premium from their salaries.

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Answer 3

It is based  on a % of payroll.

  The premium for a clerk might be 1% of payroll, while the premium for  a miner might be 30% of payroll. Other  costly premiums apply to  hospital workers ( possibility of back injuries) or  ironworkers.

on the other hand, a computer programmer would cost little to cover.

Some companies may decide to "self insure", that is, to pay their own comp claims out of cash flow. however, to do this, you must post a bond with the state.

Answer 4

Expensive for office workers? No.

Expensive for roofers and steel erectors? YES!!

It all depends on the classification of the worker and their payroll.

Good luck and I hope this helps!

Answer 5

Define expensive. It's not expensive compared to what you could lose.

The premium will depend upon the occupation and salaries of the people who are being insured. You'll need to visit a local independent agent that can give you quotes for several companies. Also, most states have a worker's comp pool for small businesses that you can buy into.