Is workers comp really this expensive??

I wish...that would be spectacular!

 

I'm not so sure... Free Healthcare... So what goes WAY UP in cost to pay for it??? Think about that for a minute or 2.

 

Medicare overhead cost 3%, private insurance skim 20% GUARANTEED PROFIT BY OUR GOVERNMENT aka Obamacare. There are a lot of fraud and abuse in Medicare and we need to fix it but the dog eats dog system is not the answer.

How's about letting people choose for themselves? Make Medicare self-sustained and open it up to everyone who wants it, those who don't want Medicare can take care of themselves by private insurance or go without.

 

Whatever the drivers rate of pay is, you could safely budget employee costs for twice that amount and bid your rate accordingly and you'd be okay.

 

Could someone answer my workers comp question for me ? First I’ll give you a little background sorry if this post is long. I’m getting back into being an owner operator. The company I’m looking to work for might want me to carry Worker’s Comp. for myself. If they don’t I know the facilities I will be loading at will want me to have to it while I’m on their property. I will not be leased to the company. I will be carrying my own insurance for the truck. I am the sole owner of the truck, I will be the one driving it and I will be the one who needs to be covered under Workmen’s Comp. I don’t think accidental death dismemberment policy will work for them. Does anyone know how they calculate percentage I will have to pay for workers comp ? Do they base it on what my personal take-home salary is or is it what the truck makes? I am going to set up as an LLC company like I did once before. Oh did I mention that I live in the overtaxed overpriced state of New Jersey? Any help would be greatly appreciated I’m just trying to crunch some numbers. Thanks

 

@Big Ragu 1723

You will need Occupational Accident insurance or “Oc Ac” I believe they call it. That is in leu of workman’s comp on yourself. In my state it’s not required by law but many insurance companies are now requiring it.

Workman’s comp is based off the gross dollars that are paid to the driver. In my state it’s around 6%, plus or minus a % depending on your track record. The Oc Ac is normally about $150/mo which is much more affordable of the two.

 

Thanks for your reply. I see you said your state is 6% based off the driver. Is that the same if I am the driver? I own and drive tractor. A percentage of what I pay myself ? Yeah the occupational insurance I don’t know if that will work I think they want an actual Workmen’s Comp. policy. Thanks again

 

As the owner of the company and the driver of the truck you don’t have to have worker comp but that Oc Ac covers you in case of an injury so should be sufficient. Beyond that I don’t really have anymore to add unfortunately. It’s just been my experience. My wife and I don’t carry it on ourselves as owners. Our drivers we have worker comp on and our owner ops must carry Oc Ac which is dictated by our insurance company.

 

Hope I can do the same. Thanks again

 

My quote with five drivers and one clerical ...otr/regional dedicated reefer out of Arkansas came in at 7% or 16800 annually on 284000 annual payroll after per diem deductions .....about double the cost of occ acc coverage but reasonable in my head