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Workers Compansation Question

Discussion in 'Trucker Legal Advice' started by razorcbl, Sep 3, 2009.

  1. Sep 3, 2009 #1
    razorcbl

    razorcbl Bobtail Member

    16
    1
    Nov 14, 2007
    Chicago IL
    0
    Owner Operator-
    Last year did not have payrol setup and basic workers comp for the whole yeah was $1000

    This year we have payroll for 1 worker the owner this year its 7,000 / year is this because we have payrol now?

    There is 1 driver and no other workers. (Workers compensation is Required by the company we contract with)

    Why the jump in price? no accidents maybe misinformation on our agents side? Not really sure what i should be asking for any advice? What types of workers compensation are there when driving?


    Thanks
     
    razorcbl, Sep 3, 2009
    razorcbl, Sep 3, 2009
    #1
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  3. Sep 3, 2009 #2
    Pawnd

    Pawnd Medium Load Member

    346
    143
    Apr 8, 2009
    Chasing wind
    0
    You really need to ask this of your insurance agent. Rates and laws concerning WC vary greatly state to state.

    The one consistent thing is that it is based on a percentage of wages paid at a specific experience rate. Usually it is an audited premium, meaning they audit the payroll at the end of the year and determine if the estimate was correct. Then you either get a refund or have some due.

    General good business says to be as accurate as possible, but to error on the short side and pay some after the audit. The insurance company nor the government should get interest free loans.
     
    Pawnd, Sep 3, 2009
    Pawnd, Sep 3, 2009
    #2
  4. Sep 16, 2009 #3
    GreatFloridaInsurance

    GreatFloridaInsurance Bobtail Member

    3
    0
    Sep 16, 2009
    Ft Lauderdale, FL
    0
    This is very good information. As an insurance agent I can tell you that adding one employee to payroll from zero should NOT uprate you by $6,000. Rates vary state to state as mentioned above, but your best bet is to check with your agent.

    Payroll and class code are the driving factors in your workers comp policy.
     
    GreatFloridaInsurance, Sep 16, 2009
    GreatFloridaInsurance, Sep 16, 2009
    #3
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