workers comp

[robin hood]

I have been in the hood cleanig business for several years and recently decided to hire help and start running crews. I have checked into workers comp and have been quoted 40% of each persons yearly wages. This seems pretty high, can anyone turn me on to the insurance company they are using to see if I can even afford to hire some people. thanx


Greg

 

[RJTravel]

Greg,

Check with your state DORA (Dept of Regulatory Agencies) to see what are the requirements. Often the state 'pool' will offer standard rating. This may be that which you were quoted. A competitive insurance carrier may offer 'experience' and 'claims' modifications which may substantially reduce the rating based on payroll - not sure if available in Florida. You have several years in business which may help you obtain the mods with a private carrier. Additionally, some states allow you yourself as owner to opt out of work comp. Be sure your health insurance covers work-related injuries if you elect the latter - most exclude injuries as a result of your work.

Richard