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Workers comp quote

Discussion in 'Experienced Truckers' Advice' started by Jasonar15, Jul 12, 2018.

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  1. Jul 12, 2018 #1
    Jasonar15

    Jasonar15 Medium Load Member

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    got a workers comp quote today for $25,000 for a year. Trying to get company on W2
     
    Jasonar15, Jul 12, 2018
    Jasonar15, Jul 12, 2018
    #1
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  3. Jul 12, 2018 #2
    MM71

    MM71 Heavy Load Member

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    That number is big ... but, has no context. Work comp is usually so much of a percentage of an employees earnings. Anywhere between 2 and 7 percent dependent on state. SO, if you have a bunch of well paid employees 25k may be a bargain.
     
    MM71, Jul 12, 2018
    MM71, Jul 12, 2018
    #2
  4. Jul 12, 2018 #3
    Jasonar15

    Jasonar15 Medium Load Member

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    A little over 10% but does it go down like insurance without claims?
     
    Jasonar15, Jul 12, 2018
    Jasonar15, Jul 12, 2018
    #3
  5. Jul 12, 2018 #4
    Jasonar15

    Jasonar15 Medium Load Member

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    4 employees
     
    Jasonar15, Jul 12, 2018
    Jasonar15, Jul 12, 2018
    #4
  7. Jul 12, 2018 #5
    MM71

    MM71 Heavy Load Member

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    Yes ... but I would shop rates. I have no clue what state you are in ... but that seems high. I started at 6% in arizona. Four years later am at .75%
     
    MM71, Jul 12, 2018
    MM71, Jul 12, 2018
    #5
    KB3MMX Thanks this.
  8. Jul 12, 2018 #6
    Jasonar15

    Jasonar15 Medium Load Member

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    This is my best rate so far. I’ve got quote as high as $47,500. Running the numbers on 4 trucks and expenses the 25k is very well manageable.
     
    Jasonar15, Jul 12, 2018
    Jasonar15, Jul 12, 2018
    #6
  9. Jul 12, 2018 #7
    Jasonar15

    Jasonar15 Medium Load Member

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    I’m in North Carolina
     
    Jasonar15, Jul 12, 2018
    Jasonar15, Jul 12, 2018
    #7
  10. Jul 12, 2018 #8
    Jasonar15

    Jasonar15 Medium Load Member

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    Aug 6, 2017
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    They told me rate is high due to never having workers comp. but glad to know it will go down if no claims.
     
    Jasonar15, Jul 12, 2018
    Jasonar15, Jul 12, 2018
    #8
  11. Jul 13, 2018 #9
    Ruthless

    Ruthless Road Train Member

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    Ins told me my state is 17% of earned income.
    Ie 1 employee @ $100k wages would be $17k for workmans comp; same as 2 employees @ $50k each.
     
    Ruthless, Jul 13, 2018
    Ruthless, Jul 13, 2018
    #9
    KB3MMX and blairandgretchen Thank this.
  12. Aug 11, 2018 #10
    My-Ke

    My-Ke Light Load Member

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    Nov 12, 2015
    Where the Freight Takes Me ..also Philly
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    Does that $25,000/yr cover workmans comp for all 4 of your drivers?
     
    My-Ke, Aug 11, 2018
    My-Ke, Aug 11, 2018
    #10
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