Workers Comp

[lorraine]

Hi Sorry if this in the wong place, didnt know where to put it.

Can anyone explain workers comp to me as the insurance company and accountant I speaking with are not making sense at all.

Thankyou I sure one of you lot can explain it in plain english. Kind regards Lorraine:confused:

[timjotom]

Hi Lorraine,

I have taken this from a book about starting a business in Virginia so it may not apply to Florida as each State has it's own rules.
Types of compensation available under Workers Compensation laws include :

*Medical and rehabilitation expenses;
*a percentage of wages lost;and
*an amount of impairment of earning capacity.

Depending on the current accident rate of the industry for your business will determine the cost of the insurance. Hiring experienced employees and implementing training techniques will also lower premiums.

There are two websites listed as giving quotes these are www.insurancefinder.com and www.netquote.com.

It gives lots of other information but this is only relevant to Virginia, Maryland and D.C.

Let me know if there is anything you want me to look at further.

Joanne

[lorraine]

Hi Joanne thankyou I shall visit the sites... I have been told that the workers comp goes on your payroll amounts, and each year you are audited by the government and they make sure you have paid the amount for each employee. If you have paid too much your re embursed if not enough you get a bill. I dont know if this true or not?? Kind regards Lorraine. (when you are changing staff all time and have people work when you got the work, I not sure how you do the workers comp and the info I getting doesnt seem correct

[Sab]

Hi Lorraine,
The requirements are also different depending on the type of biz u run. For example roofing contractors have to have workers comp from day , under companies only have to get workers comp when they get to a certain number of employees.

[lorraine]

Hi Sab yes and I ask one person ie accountant they say one thing then ask insurance company they say something else ahhhhhhhhhhh

[punky]

As this is really about US residents and not immigration, i'll move it into the US residents section...

[lorraine]

oki doki

[InnVic]

in Vermont you have to have Workers Comp from day one even if you only employ one part timer. The min cost premium I can find here is $750. We're the only B&B employing housekeeper through the books - everyone else does it cash in hand.

[Jax]

We were told if you employ more than 2 people you need workers comp our payroll company does ours but our insurance company could do it if we chose.

[Clecky]

We were under the impression you only needed workers comp if you worked in the construction trade.

C

[peter gold]

No

[Munish]

Don't know if its helpful, but http://www.workerscompensation.com/ seems to have a lot of information on each States' statutes, rules and other information.

[lorraine]

Hi thanks everyone we have been told as soon as you have 2 employees on payroll you have to have workers comp. It apparently is assessed at the end of the year and if you havnt paid enough you get a bill or if paid to much a refund. This is all done from your payroll. My question is , is workers comp the same price where ever you go ie state farm, local insurance co etc as it is suppose to be a government thing you would think it would be the same price where ever you go (but that doesnt seem the case:rolleyes:

[Jax]

As far as i know its the samr rate wether you use your payroll or an insurance company. i think its based on what type of company you run.