Workers compensation insurance

Very true. Between new company insurance premiums and WC its almost imposssible to do a W2.

 

Base rates/100.00 payroll. Most states make you use the risk pool if you have no comp experience. Each year you are assigned a experience mod. If your mod is .80 then your cost is 80% of the base rate. If/when you can get it through an insurance company of your choice, you still pay the base rate X exp mod. Insurance company can't charge less than that rate, but some will have a profit sharing policy that works around it. It's all based on loss ratio's.


CT $19.67
NJ $18.30
NY $16.10
IL $15.75
CA $15.62
ME $15.26
NC $14.75
RI $14.13
LA $13.97
OK $13.93
MI $13.47
MO $12.87
VT $12.72
AK $12.56
WA $12.39
SC $12.28
DE $12.15
MD $11.84
MN $11.82
HI $11.57
IA $11.18
PA $11.06
NE $10.77
WI $10.67
SD $10.49
OH $10.31
AL $10.24
ID $10.24
TX $10.11
NM $9.95
GA $9.69
MT $9.56
UT $9.46
KY $9.37
TN $9.26
NH $9.09
KS $9.01
MA $8.99
FL $8.98
0R $8.94
AZ $8.85
VA $8.39
CO $8.09
AR $8.04
DC $7.41
NV $7.01
MS $7.00
IN $6.26
WY $5.96
ND $5.70
WV $5.5

 

Solo O/O in Oregon. Not required.

 

All states the officers/principals can elect not to be covered. Some state require just one employee, others 5+ employee's.

 

As a company owner I cannot collect on myself, but am exempt from the premium.

 

Yeah, I was just adding my status

 

Thanks for that comparison Chris -_-

 

When I worked on 1099, the owner made me pay about $200 a month for occupational insurance, which is a substitute to workers comp in case something bad happens. I am not sure if it pays anything in case a driver becomes incapacitated due to injuries from an accident. I heard that yes but I did not have to find out. I did not mind to be on 1099 as his pay was much better than any w2 job available with all the benefits and perks, except the lack of health insurance, which nowadays is available via Obamacare. It was a quite wide standard to be on 1099 in Chicago area. The IRS took some interests in some ....100 trucks and over companies a few years ago and they went to W2, paying per Diem as a part of the compensation, but an owner with a few trucks paying on 1099 is still major, if not the only, way of hiring people around here.

 

Use to be able to do that in N.Y. but no longer. Doesn't help that the NYS insurance fund is the only option for coverage here either

 

We purchase through our State Insurance Fund as well, but private WC is available. I believe one has to reach a certain payroll/number of employees before the private underwriters become competitive.